TLDR · BIG TECH & STARTUPS
THE ART OF THE OPENAI DEAL
Summary from the TLDR newsletter
OpenAI's upcoming investment round includes a term where the company has two years to convert to a for-profit business or the funding will convert into debt. While convertible notes are common, this is essentially the opposite. This could be a very real problem for the company in a couple of years if it is neither a for-profit nor insanely profitable.