Sam Altman no longer in control of OpenAI's startup fund

OpenAI, the parent company of ChatGPT, has recently restructured its venture capital fund, effectively removing Sam Altman, the company's CEO, from ownership and control of the OpenAI Startup Fund. According to the company, this move aims to enhance transparency and address concerns regarding the fund's governance. 

The fund, established in 2021 to support early-stage AI companies, initially raised questions due to its structure. While not having a financial stake, Altman held significant control over investment decisions. In the official filing, OpenAI states that the original structure was temporary and the revised governance will bring greater clarity.

The OpenAI Startup Fund is investing $175 million raised from OpenAI partners such as Microsoft, although OpenAI itself is not an investor, states a report by Reuters.

Ian Hathaway, a partner at the fund since its inception, has been handed over control of the fund, being responsible for overseeing its operations from now on. Hathaway has a history of leading investments in the fund and managing its accelerator program.

This development follows scrutiny surrounding Altman's external investment activities, including interests in crypto startup Worldcoin and fusion company Helion Energy. However, an independent investigation cleared him of any wrongdoing related to product safety or OpenAI's financial integrity.