The Kobeissi Letter|Oct 28, 2025 15:27
What is happening here?
OpenAI just announced a recapitalization cementing its structure as a "nonprofit" with a controlling stake in its for-profit business.
Their claim: OpenAI is "built to benefit everyone."
They are calling the nonprofit arm the "OpenAI Foundation."
Yet, this "nonprofit" holds an equity stake worth 130 BILLION in its for-profit arm.
How did a 500B+ "nonprofit" company become engrained in 20+ large US tech companies?(The Kobeissi Letter)
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