June 7, 2023 – OpenAI CEO, Sam Altman, made an intriguing announcement during a conference in Abu Dhabi. Altman revealed that due to the unconventional nature of the company’s structure, there are currently no plans for OpenAI to go public.
Altman emphasized that when they eventually develop superintelligence, they may make decisions that seem peculiar to most investors. When questioned about the possibility of an IPO, he replied, “I have no interest in being entangled with the public market or Wall Street lawsuits, so no, it’s not something I’m interested in.”
With a recent $10 billion investment from Microsoft, OpenAI’s valuation has soared close to $30 billion. This substantial funding will be utilized to enhance their computing capabilities. Altman acknowledged that OpenAI has an unconventional structure, with a stipulation of a profit cap in place.
Originally established as a non-profit organization, OpenAI later created a “limited-profit” company, enabling external funding while ensuring the continued benefits for its non-profit sector.
As part of a global tour, Altman has been meeting with leaders from various countries. After his visit to the United Arab Emirates on Tuesday, he plans to travel to Qatar, India, and South Korea in the coming days.
