OpenAI and its technology will remain under the control of a nonprofit, Sam Altman told employees today.

• OpenAI began as a nonprofit, but Altman has been considering changing the structure since his brief ouster in November 2023, most recently aiming to shake the business out from under the non-profit's control.
• Today's announcement suggests that plan is dead.

Driving the news: The OpenAI non-profit will control and also become a large shareholder of a Public Benefit Corporation (PBC), which OpenAI had previously announced it would create from its existing for-profit subsidiary, the announcement said.

• The PBC is a for-profit corporation that can also prioritize non-financial goals. And before today's announcement, Altman had aimed to make that company independent of the current nonprofit board.

The intrigue: Elon Musk and others have sued OpenAI over its plans to spin out the for-profit subsidiary, charging the nonprofit with abandoning its mission.

• Musk, who co-founded OpenAI in 2017, now runs his own competitor, xAI.
• Asked about Musk's suit on a call with reporters, Altman said: "You all are obsessed with Elon, that's your job — like, more power to you. But we are here to think about our mission and figure out how to enable that. And that mission has not changed."

OpenAI said it made the decision for the nonprofit to retain control of OpenAI following discussions with civic leaders and the AGs of Delaware and California.

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Disclosure: Axios and OpenAI have a licensing and technology agreement that allows OpenAI to access part of Axios' story archives while helping fund the launch of Axios into four local cities and providing some AI tools. Axios has editorial independence.

Warren Buffett's exit as CEO of Berkshire Hathaway was telegraphed for years, but investors are still in mourning after it became official.

• The stock declined 5.1% today — despite the fact that Buffett will remain as chairman.

Catch up quick: The Oracle of Omaha told investors Saturday at the investment company's annual meeting that he would ask the board to name longtime deputy Greg Abel as its next CEO at the end of the year.

• The board quickly obliged, voting unanimously on Sunday to authorize the transition, the company announced today.

The bottom line: Though everyone knew Abel would soon took the reins — Buffett is 94 years old, after all — reality apparently hit Berkshire investors hard.

"Beef is experiencing the most challenging market conditions we've ever seen."

👟 Skechers agreed to be acquired by Brazilian private equity firm 3G Capital in a roughly $9 billion deal. The shoewear brand could get hit hard by Trump's tariffs. (Axios)

🚗 Ford suspended its 2025 guidance and estimated a $1.5 billion tariff hit for the year. The company warned of the potential for industrywide supply-chain disruption. (FT)

🛩️ Some 3,000 workers at jet engine maker Pratt & Whitney in Connecticut went on strike today amid a collective bargaining dispute. The RTX subsidiary said it has "no immediate plans to resume negotiations." (AP)

Entertainment industry stocks whipsawed today on President Trump's talk of tariffs on foreign-made movies.

🎬 Catch up quick: Shares of several companies opened significantly down from Friday as investors feared the implications of President Trump's threat in a Truth Social post on Sunday:

• Trump said he'd direct the secretary of commerce and the U.S. trade representative to implement the tariff on "any and all Movies coming into our Country that are produced in Foreign Lands."
• Yes, but: White House spokesman Kush Desai then clarified, saying "no final decisions on foreign film tariffs have been made," per The Hollywood Reporter.

📉 The impact: Lionsgate Studios (-4.1%), WBD (-2.0%), Netflix (-1.9%) and Paramount (-1.6%) saw the biggest declines today, though all four had rebounded from earlier lows.

• Disney opened down 3% before closing down 0.4%.

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