Documents show OpenAI's long journey from nonprofit to $157B valued company

📆 12/10/2024 13:17:00
📰 AP

⏱ Reading Time:
37 sec. here
18 min. at publisher
📊 Quality Score:
News: 74%
Publisher: 51%

Philanthropy News

Openai Inc,Generative AI,General News

Back in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status. The application shows the vast distance OpenAI and the technology that it researches and develops has traveled in under a decade.

Far from where Hurricane Milton hit, tornadoes wrought unexpected damageHarris was asked to name a few of Trump's virtues.

In the application, OpenAI indicated it did not plan to enter into any joint ventures with for-profit organizations, which it has since done. It also said it did “not plan to play any role in developing commercial products or equipment,” and promised to make its research freely available to the public.National grantmakers bet this rural education program can scale

In general, nonprofit experts agree that OpenAI has gone to great lengths to arrange its corporate structure to comply with the rules that govern nonprofit organizations. OpenAI’s application to the IRS appears typical, said Andrew Steinberg, counsel at Venable LLP and a member of the American Bar Association’s nonprofit organizations committee.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Documents show OpenAI's long journey from nonprofit to $157B valued companyBack in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status.
Source: ksatnews - 🏆 442. / 53 Read more »