TechFlow, September 12 — According to the Financial Times, Microsoft (MSFT.O) and OpenAI said on Thursday they have signed a non-binding agreement on new terms for their relationship, which would allow OpenAI to advance its restructuring plan to become a for-profit company. The two companies did not provide further details about new commercial arrangements but stated they are working to finalize the terms of the definitive agreement.
A memo from Brett Taylor, current chair of OpenAI's nonprofit board, shows that OpenAI said its existing nonprofit parent will control the company by holding $100 billion in shares of a public benefit corporation and will have final decision-making authority over the company's decisions.
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