The University of Michigan invested 20 million dollars in OpenAI before ChatGPT existed. Court documents show the stake is now worth two billion.
TL;DR
Court documents from the Musk v. Altman trial revealed that the University of Michigan invested 20 million dollars in OpenAI before ChatGPT existed. The stake is now worth two billion dollars.
The University of Michigan invested 20 million dollars in OpenAI before ChatGPT existed, before Microsoft committed billions, and before the company was worth more than some countries. Court documents from the Musk v. Altman trial revealed this week that the stake carries a target redemption value of two billion dollars. A university endowment made a hundred-to-one return on an artificial intelligence company that was, at the time of investment, a nonprofit research laboratory with no commercial product.
The investment appeared in an exhibit filed in the federal trial in Oakland, California, where Elon Musk is suing OpenAI and its leadership for 150 billion dollars, alleging that the company’s conversion from nonprofit to for-profit corporation constituted theft from...
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