OpenAI said it had completed a long-awaited restructuring, propelling its biggest external shareholder Microsoft to a $4tn market capitalisation. The ChatGPT creator, which was founded as a non-profit but has been racing to unlock new investment,

OpenAI has completed its long, drawn-out reorganization into a public benefit corporation, the company announced today in a blog post attributed to board of directors chair Bret Taylor. As part of the reorg,

OpenAI on Tuesday announced it has completed its recapitalization, cementing its structure as a nonprofit with a controlling stake in its for-profit business. The artificial intelligence startup said its nonprofit is now called the OpenAI Foundation,

OpenAI’s for-profit arm finalized its conversion into a public benefit corporation and reached a deal with Microsoft that will see the tech giant take a 27% stake.

Microsoft and OpenAI on Tuesday said they had reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and clearing the way for it to become a publicly traded company.

Shares of Microsoft (NASDAQ:MSFT) jumped about 4% premarket on Tuesday after the company signed an agreement with OpenAI (OPENAI) that would value its stake at about $135B in the AI giant. Microsoft said it supports the OpenAI board moving forward with formation of a public benefit corporation,

OpenAI has finalised a structural overhaul that re-defines its relationship with Microsoft and likely signals the next stage of the AI