Good morning from the Financial Times.
Today is Wednesday, October 29th, and this is your FT News Briefing.
OpenAI is pivoting to a new structure,
and Tesla's chair is rallying support for Elon Musk's trillion-dollar pay package.
Plus, South Korea's stock market is on a roll this year.
We'll hear why investors have changed their tune.
I'm Sonia Hudson, and here's the news you need to start your day.
OpenAI has finally completed its contentious restructuring.
The chat GPT maker was founded as a nonprofit and now includes a commercial arm.
The restructuring highlighted the internal push and pull between OpenAI's idealistic roots and its need for cash.
So now that that saga is over, where does it leave the startup?
Here to help us answer that question is the FT's Melissa Heichela.
Hi, Melissa.
Hi. So give me the details here.
What are the highlights of this restructuring deal?
So what this deal does, it creates a for-profit entity called the OpenAI Group.
which OpenAI has argued is essential for it to continue raising these massive amounts of money it needs to build and train its models,
right?
It allows investors to also hold equity in the company.
And controlling that for-profit entity is a non-profit called the OpenAI Foundation.