Apr 1, 2024 - Business

Sam Altman no longer owns OpenAI Startup Fund

Photo Illustration of Sam Altman with the openai logo

Photo Illustration: Natalie Peeples/Axios. Photo: Justin Sullivan/Getty Images

OpenAI CEO Sam Altman no longer owns or controls a venture capital fund associated with the company, according to new disclosures with the SEC.

The latest: Control has been moved over to Ian Hathaway, who's helped manage the fund since it launched in 2021.

Catch up quick: OpenAI Startup Fund looks in many ways like a normal corporate venture capital fund, except for its unusual governance.

  • By last May it reported $175 million in total commitments, including from OpenAI partner Microsoft, but now lists the fund's gross asset value at over $325 million.

What they're saying: OpenAI tells Axios that Hathaway has overseen the fund's accelerator program and led investments in such companies as Harvey, Cursor, Speak, and Ambience Healthcare.

  • It adds: "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."
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