OpenAI has bowed to pressure from civic leaders and ex-employees, announcing in a blog post on Monday that its nonprofit would retain control of the company even as it restructures into a public benefit corporation. The company, which is backed by Microsoft and was recently valued at $300 billion in a funding round led by SoftBank, said it made the decision after discussing the matter with the attorneys general of California and Delaware. “With the structure we’re contemplating, the not-for-profit will remain in control of OpenAI,” Bret Taylor, OpenAI’s board chairman, said in a video call with reporters. “We will be converting the limited liability company, that is a subsidiary of that nonprofit, to a public benefit corporation. By doing so, it will change the equity structure of that company so that employees, investors and the not-for-profit can own equity in that PBC.” Taylor said OpenAI had commissioned outside financial advisors to consult on the recapitalization. He declined to share how much of a stake the nonprofit would have in the company, though it will be a majority. OpenAI CEO Sam Altman said on the call that he was “very happy that the nonprofit and the PBC will have the same mission.” He said the board and stakeholders agreed with the decision.

Full report : OpenAI said on Monday that it will continue to be controlled by a nonprofit as it restructures into a commercial entity.