Microsoft enters a non-binding agreement with OpenAI to allow OpenAI to reorganize into a for-profit company

Odaily Planet Daily News Microsoft (MSFT.O) and OpenAI said Thursday it had signed a non-binding agreement on new terms of the relationship that would allow OpenAI to advance its restructuring plan to make it a for-profit company. The companies did not provide more details on the new business arrangement but said they were working to finalize the terms of the final agreement. OpenAI said its existing nonprofit parent will control the company by holding a $100 billion stake in a public welfare company and have the right to make decisions in the company, according to a memo by Brett Taylor, the current chairman of the nonprofit board. (FT)