Reuters reported today (November 21) that some investors in OpenAI are working with the legal team to consider options targeting the company's four-member board of directors.
This information comes after Sam Altman was unexpectedly removed from his position as CEO by the OpenAI board of directors, leading to mass resignations of many employees and researchers.
According to sources, investors are considering their options after consulting with legal advisors. However, it is unclear whether they will sue OpenAI.
OpenAI could face legal trouble after firing Sam Altman.
Many people had previously expressed concerns that they could lose hundreds of millions of dollars on investments in OpenAI, which is being hailed as a gem in the field of AI development. OpenAI is the company that owns the artificial intelligence (AI) software ChatGPT.
The company did not respond to a request for comment. According to data from Semafor , Microsoft holds 49% of OpenAI's shares, while other investors and employees control another 49%. The remaining 2% belongs to OpenAI's parent company, which operates on a non-profit basis.
In other companies, venture capitalists typically hold seats on the board of directors or voting rights in investment portfolios. However, OpenAI is controlled by its non-profit parent company, OpenAI Nonprofit, which was created to benefit "humanity, not investors."
The troubles at OpenAI are far from over.
Therefore, employees have more leverage in putting pressure on the board of directors than venture capitalists.
Nonprofit boards have legal obligations to the organizations they oversee. However, experts say those obligations have left significant room for leadership decision-making.
Professor Paul Weitzel, a law professor at the University of Nebraska (USA), said that even if investors found a way to sue OpenAI, they would still be at a disadvantage. The reason is that the company has full legal authority to make its own business decisions.
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