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California intervenes in OpenAI's IPO amid governance concerns

California AG establishes oversight of OpenAI's unprecedented nonprofit-to-public transition as critics raise asset valuation and governance

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California AG establishes oversight of OpenAI's unprecedented nonprofit-to-public transition as critics raise asset valuation and governance

A little-known Class N share lets the nonprofit Foundation control OpenAI's board even if it sells its 26% equity stake, raising fresh SEC questions.