OpenAI revokes Sam Altman's control over startup fund
OpenAI logo is seen in this illustration.
OpenAI, has modified the governance structure of its venture capital fund supporting AI startups.
A filing with the US Securities and Exchange Commission (SEC) revealed that Sam Altman, the CEO of OpenAI, no longer owns or controls the fund, as reported by Reuters.
The change in ownership structure, documented in a March 29 filing, comes after concerns were raised regarding Altman's unique ownership of the OpenAI Startup Fund.
Despite being marketed similarly to a corporate venture arm, the fund was initially raised by Altman from external limited partners, and he was responsible for making investment decisions.
OpenAI clarified that Altman did not have a financial interest in the fund despite his ownership.
Axios was the first to report on the alteration in ownership.
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“The fund's initial general partner structure was a temporary arrangement, and this change provides further clarity,” an OpenAI spokesperson said, responding to the report.
The OpenAI Startup Fund, which is investing $175 million, has been raised from partners associated with OpenAI, including tech giant Microsoft, although OpenAI itself is not an investor in the fund.
The control of the fund has now been transferred to Ian Hathaway, who has been a partner at the fund since 2021.
According to the filing, Altman will no longer serve as a general partner at the fund.
Hathaway, who has overseen the fund's accelerator program and led investments in companies like Harvey, Cursor, and Ambience Healthcare, will now be at the helm of the fund's operations.
Sam Altman, a former president at startup accelerator Y Combinator, has previously faced scrutiny over his extensive investment interests outside of OpenAI.
His investments range from crypto startup Worldcoin to fusion company Helion Energy, in addition to his fundraising activities in West Asia.
Following Altman's unexpected departure from OpenAI last November, an independent investigation was conducted to examine any potential wrongdoing concerning product safety or OpenAI's finances.
OpenAI announced that the investigation concluded Altman had committed no wrongdoing.
(With inputs from Reuters)