A major shakeup is in the works at OpenAI. reported that the artificial intelligence research company is restructuring its business from a non-profit board into a for-profit corporation. The publication also says Sam Altman would be given equity in the new corporation.
OpenAI’s move to for-profit wouldn’t eliminate its non-profit entity entirely. The non-profit would own a stake in the new for-profit venture but it won’t have nearly the power as it did. An OpenAI spokesperson gave a statement that’s identical to the one they gave to Fortune’s initial report about the restructuring. Couldn’t they at least have used OpenAI’s software to word a different statement?
“We remain focused on building AI that benefits everyone, and we’re working with our board to ensure that we’re best positioned to succeed in our mission. The non-profit is core to our mission and will continue to exist.”
The move to for-profit would also provide a big payday for chief executive officer Sam Altman. Reuters says he would receive equity in the company once the restructuring is complete. The for-profit company’s worth could go as high as $150 billion, according to . The for-profit model would also remove the cap on investors’ returns.
Altman has reportedly been trying to move OpenAI to a more traditional for-profit company for . It’s not known exactly when the switch will happen since details of the deal are still going through all of the legal motions.