Sam Altman gets his wish! OpenAI got its deal through to turn from a weird charity thing into an ordinary for-profit company. I’m surprised. But they did it. [Bloomberg, archive] Microsoft got ever…
  • BlueMonday1984@awful.systemsEnglish
    16·
    2 days ago

    I have a nasty feeling there’s a lot of ordinary people who are desperate to throw their money away on OpenAI stock. It’s the AI company! The flagship of the AI bubble! AI’s here to stay, you know! OpenAI? Sure bet!

    Remember when a bunch of people poured their life savings into GameStop and started a financial doomsday cult once they lost everything? That will happen again if OpenAI goes public. (I recommend checking out This Is Financial Advice if you want a deep-dive into the GameStop apes, it is a trip)

    One really bad consequence this deal just opened the gates to is to make it much easier for corporations to gut charities. A proper charity can run very like a business, but it gets a lot of free rides — and it can grow into quite the juicy plum. The California and Delaware decisions on OpenAI are precedents for large investors to come in and drain a charity if they say the right forms of words. I predict that will become a problem.

    …why do I get the feeling companies are gonna start immediately gutting charities once the bubble pops

    • scruiser@awful.systemsEnglish
      1·
      7 hours ago

      Remember when a bunch of people poured their life savings into GameStop and started a financial doomsday cult once they lost everything? That will happen again if OpenAI goes public.

      I’ve seen redditors on /r/singularity planning on buying OpenAI stock if it goes public. And judging by Tesla, cultists buying meme stock can keep up their fanaticism through quite a lot.