OpenAI was founded as a nonprofit before it transitioned to a “capped-profit” structure in 2019. The nonprofit is the sole controlling shareholder of the capped-profit OpenAI corporation, which retains formal fiduciary responsibility to the nonprofit’s charter. OpenAI is now in the process of restructuring — this time to a traditional for-profit company, specifically a public benefit corporation. But Musk, via the lawsuit, is seeking to enjoin the conversion.
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