Reuters reported today (November 21) that some investors in OpenAI are working with the legal team to consider options targeting the company's four-member board of directors.
The news came after OpenAI's board of directors unexpectedly removed Sam Altman as CEO, causing many employees and researchers to quit en masse.
The investors are weighing their options after speaking with legal advisers, according to the sources. However, it is unclear whether they will sue OpenAI.
OpenAI Could Face Legal Trouble After Sam Altman's Firing
Many had previously expressed concern that they could lose hundreds of millions of dollars on investments in OpenAI, which is considered a crown jewel in the AI development field. OpenAI is the company that owns the artificial intelligence (AI) software ChatGPT.
The company did not respond to a request for comment. According to data from Semafor , Microsoft owns 49% of OpenAI, while other investors and employees control 49%. The remaining 2% is owned by OpenAI’s parent company, which is a non-profit.
At other companies, venture capitalists often hold board seats or voting rights in investment portfolios. However, OpenAI is controlled by its non-profit parent company OpenAI Nonprofit, which was created to benefit “humanity, not investors.”
Trouble continues at OpenAI
As a result, employees have more leverage in pressuring the board than venture capitalists.
Nonprofit boards have legal obligations to the organizations they oversee. But experts say those obligations leave a lot of room for leadership decisions.
Even if investors do find a way to sue OpenAI, they will still be in a weak position, because the company has full legal authority to make business decisions, said Paul Weitzel, a law professor at the University of Nebraska.
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