00:00It's Benzinga, bringing Wall Street to Main Street.
00:02OpenAI reached an agreement with California Attorney General Rob Bonta
00:05longing to complete its corporate conversion and remain headquartered in the state,
00:09according to the Wall Street Journal.
00:10He'll end up with negotiations over whether the company could shift from a non-profit
00:13controlled structure to a for-profit model.
00:16In return for Bonta's approval, OpenAI agreed to remain under oversight from the OpenAI
00:20Foundation and the Attorney General's office,
00:23obtaining board independence, providing advance notice of major structural changes.
00:26CEO Sam Alvin said the company's commitment to California was key to the resolution,
00:31paving the way for a potential IPO as early as 2027.
00:35For all things money, visit Benzinga.com.
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