TechFlow news, September 9 — According to The Wall Street Journal, OpenAI executives are increasingly concerned that escalating political scrutiny in California may hinder its plan to transition into a for-profit company, and have discussed relocating its headquarters out of the state as a last resort. Some of California's largest charitable institutions, nonprofits, and labor unions are jointly opposing OpenAI's restructuring plan. They are urging the California Attorney General to ensure the newly formed company does not violate the state's charitable trust laws. The Attorneys General of both California and Delaware are investigating OpenAI's proposed restructuring. OpenAI currently operates as a subsidiary with no traditional equity issuance, controlled by its nonprofit parent. This structure is highly unpopular among investors, who are pushing for change. OpenAI's financial backers have tied approximately $19 billion—nearly half of its total fundraising over the past year—to receiving shares in the new for-profit entity. If the restructuring fails, these funds could be withdrawn, jeopardizing OpenAI's massive investments in building large-scale data centers, developing custom AI chips, and maintaining leadership in AI research. (Jinshi)
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