Sam Altman has been removed as the owner of the OpenAI Startup Fund
OpenAI, the company behind the generative AI chatbot ChatGPT, has removed its CEO, Sam Altman, as the owner and manager of its corporate venture fund, a filing with the U.S. Securities and Exchange Commission revealed.
The fund used to invest in startups will now be managed by Ian Hathaway, Axios reported on Monday . Hathaway has been a partner in the fund since it launched in 2021 and has led investments in startups like Harvey, the maker of AI tools for attorneys, and the language learning app Speak.
“As previously communicated, the fund’s initial GP structure was a temporary arrangement, and involved no personal investment or financial interest from Sam. This change provides further clarity,” OpenAI told Axios.
The fund is marketed as a corporate venture fund, however, its governing structure is unique. Traditionally, these type of funds invest a company’s money in startups and are managed by a third-party.
In the case of the OpenAI fund the money was raised by Altman via OpenAI partners — such as Microsoft — and was managed by Altman. OpenAI is not an investor, according to the fund’s website.
