Matt Levine, Columnist

OpenAI Will Get A Bit More Normal

Also public-private funds, everything is securities fraud and $MELANIA.

May 6, 2025 at 6:27 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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I have always had a dumb simple model of OpenAI’s nonprofit/capped-profit/for-profit structure:

“A regular company with a big block of super-voting stock held by a nonprofit foundation” is unusual, but not that weird. That roughly describes Hershey Co., for instance.