OpenAI has reached a preliminary deal with Microsoft that paves the way to convert its for-profit arm into a public benefit corporation (PBC).
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The deal will see long term investor Microsoft retain a 27% stake in the ChatGPT-maker.
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The deal removes a major constraint on raising capital for OpenAI, the maker of ChatGPT, and values firm at $500bn.
OpenAI has become a public benefit corporation, giving Microsoft a 27% stake and long-term access to key research methods
