The Midas Project
@themidasproject.bsky.social
The Midas Project is a watchdog collective of citizens taking action to ensure that AI benefits everyone, not just big tech.
www.themidasproject.com
www.themidasproject.com
September 12, 2025 at 1:10 AM
At the same time that OpenAI makes splashy claims about supporting nonprofits, it's harassing nonprofit critics (including us) with subpoenas, asking for our documents and communications about the company.
September 12, 2025 at 1:10 AM
At the same time that OpenAI makes splashy claims about supporting nonprofits, it's harassing nonprofit critics (including us) with subpoenas, asking for our documents and communications about the company.
But the media falls for it still.
OpenAI did not just create "one of the richest charities in the world."
It WAS one of the richest charities in the world, and now it still is -- but with its ownership share substantially diminished.
OpenAI did not just create "one of the richest charities in the world."
It WAS one of the richest charities in the world, and now it still is -- but with its ownership share substantially diminished.
September 12, 2025 at 1:10 AM
But the media falls for it still.
OpenAI did not just create "one of the richest charities in the world."
It WAS one of the richest charities in the world, and now it still is -- but with its ownership share substantially diminished.
OpenAI did not just create "one of the richest charities in the world."
It WAS one of the richest charities in the world, and now it still is -- but with its ownership share substantially diminished.
But now that it has succeed, OpenAI and its investors have gotten dollar signs in their eyes.
They're persuing a "recapitalization" that will substantially weaken the nonprofit's control and entitlements. The latest version of that is a measly 20% stake.
They're persuing a "recapitalization" that will substantially weaken the nonprofit's control and entitlements. The latest version of that is a measly 20% stake.
September 12, 2025 at 1:10 AM
But now that it has succeed, OpenAI and its investors have gotten dollar signs in their eyes.
They're persuing a "recapitalization" that will substantially weaken the nonprofit's control and entitlements. The latest version of that is a measly 20% stake.
They're persuing a "recapitalization" that will substantially weaken the nonprofit's control and entitlements. The latest version of that is a measly 20% stake.
How is this possible?
OpenAI once had profit caps limiting investors to a maximum of 100x their initial investment, with all future cash flows returning to humanity.
By 2021, this dropped to single digits. The nonprofit was owed nearly dollar OpenAI made if it succeeded.
OpenAI once had profit caps limiting investors to a maximum of 100x their initial investment, with all future cash flows returning to humanity.
By 2021, this dropped to single digits. The nonprofit was owed nearly dollar OpenAI made if it succeeded.
September 12, 2025 at 1:10 AM
How is this possible?
OpenAI once had profit caps limiting investors to a maximum of 100x their initial investment, with all future cash flows returning to humanity.
By 2021, this dropped to single digits. The nonprofit was owed nearly dollar OpenAI made if it succeeded.
OpenAI once had profit caps limiting investors to a maximum of 100x their initial investment, with all future cash flows returning to humanity.
By 2021, this dropped to single digits. The nonprofit was owed nearly dollar OpenAI made if it succeeded.
OpenAI's comms team is weirdly effective at generating headlines that make it seem like they've done an incredible thing (given $100b to their nonprofit!) while actually undercutting their past commitments (diminishing the nonprofit's entitlements significantly!)
September 12, 2025 at 1:10 AM
OpenAI's comms team is weirdly effective at generating headlines that make it seem like they've done an incredible thing (given $100b to their nonprofit!) while actually undercutting their past commitments (diminishing the nonprofit's entitlements significantly!)
We look forward to hearing OpenAI’s response.
✉️ To read the letter, and to add your name, visit
www.openai-transparency.org
✉️ To read the letter, and to add your name, visit
www.openai-transparency.org
August 4, 2025 at 2:23 PM
We look forward to hearing OpenAI’s response.
✉️ To read the letter, and to add your name, visit
www.openai-transparency.org
✉️ To read the letter, and to add your name, visit
www.openai-transparency.org
CEO Sam Altman once asked for this sort of accountability — saying that OpenAI never wants to make decisions to benefit shareholders, but only wants to be accountable to humanity as a whole.
This letter is offering such accountability.
This letter is offering such accountability.
August 4, 2025 at 2:23 PM
CEO Sam Altman once asked for this sort of accountability — saying that OpenAI never wants to make decisions to benefit shareholders, but only wants to be accountable to humanity as a whole.
This letter is offering such accountability.
This letter is offering such accountability.
What is it that the letter’s signatories, spanning creatives, professors, nonprofits, and whistleblowers, have in common?
We are all part of humanity, and thus beneficiaries of OpenAI’s mission.
Everyone has a stake in this restructuring and deserves to know the details.
We are all part of humanity, and thus beneficiaries of OpenAI’s mission.
Everyone has a stake in this restructuring and deserves to know the details.
August 4, 2025 at 2:23 PM
What is it that the letter’s signatories, spanning creatives, professors, nonprofits, and whistleblowers, have in common?
We are all part of humanity, and thus beneficiaries of OpenAI’s mission.
Everyone has a stake in this restructuring and deserves to know the details.
We are all part of humanity, and thus beneficiaries of OpenAI’s mission.
Everyone has a stake in this restructuring and deserves to know the details.
7. Finally, will the public ever get to see the details of our current entitlements and safeguards as they are legally instantiated in OpenAI documents, or will they continue to be quietly changed without our knowledge (as happened to the profit caps in 2023)?
August 4, 2025 at 2:23 PM
7. Finally, will the public ever get to see the details of our current entitlements and safeguards as they are legally instantiated in OpenAI documents, or will they continue to be quietly changed without our knowledge (as happened to the profit caps in 2023)?
6. OpenAI’s charter also includes a promise that, since a race to AGI could pose severe risks, if another company is close to developing the technology, they will stop racing and start assisting to reduce the market pressures and encourage safety. Is this still true?
August 4, 2025 at 2:23 PM
6. OpenAI’s charter also includes a promise that, since a race to AGI could pose severe risks, if another company is close to developing the technology, they will stop racing and start assisting to reduce the market pressures and encourage safety. Is this still true?
5. OpenAI once boasted about its commitment to ensure AGI technology, when developed, is controlled by the nonprofit instead of investors. However, recent reporting suggests they are considering scrapping this promise, or replacing it with “ASI,” a much higher benchmark.
August 4, 2025 at 2:23 PM
5. OpenAI once boasted about its commitment to ensure AGI technology, when developed, is controlled by the nonprofit instead of investors. However, recent reporting suggests they are considering scrapping this promise, or replacing it with “ASI,” a much higher benchmark.
4. OpenAI’s leadership has said its profit caps are critical because the wealth they will generate is “for sure not okay” for one group of investors to have, and that if they succeed, “all but a fraction” will be returned to the world.
Is that still true?
Is that still true?
August 4, 2025 at 2:23 PM
4. OpenAI’s leadership has said its profit caps are critical because the wealth they will generate is “for sure not okay” for one group of investors to have, and that if they succeed, “all but a fraction” will be returned to the world.
Is that still true?
Is that still true?
3. So far, the nonprofit board making this decision has been composed of AI investors, entrepreneurs, and in one case, OpenAI’s newly-appointed CEO of Applications. Some reporting suggests this board will lead the for-profit they are creating. So will they receive equity?
August 4, 2025 at 2:23 PM
3. So far, the nonprofit board making this decision has been composed of AI investors, entrepreneurs, and in one case, OpenAI’s newly-appointed CEO of Applications. Some reporting suggests this board will lead the for-profit they are creating. So will they receive equity?
2. Next, the letter asks whether the nonprofit will continue to have the same control after the restructuring that it has today. So far, OpenAI has vaguely indicated the nonprofit will retain control while privately suggesting that it will lose many of its powers.
August 4, 2025 at 2:23 PM
2. Next, the letter asks whether the nonprofit will continue to have the same control after the restructuring that it has today. So far, OpenAI has vaguely indicated the nonprofit will retain control while privately suggesting that it will lose many of its powers.
What are those questions? Let's get into it.
1. The first question, and possibly the most important, is whether the mission will still take priority over profits. By default, public benefit corporations are merely required to balance these concerns.
1. The first question, and possibly the most important, is whether the mission will still take priority over profits. By default, public benefit corporations are merely required to balance these concerns.
August 4, 2025 at 2:23 PM
What are those questions? Let's get into it.
1. The first question, and possibly the most important, is whether the mission will still take priority over profits. By default, public benefit corporations are merely required to balance these concerns.
1. The first question, and possibly the most important, is whether the mission will still take priority over profits. By default, public benefit corporations are merely required to balance these concerns.
This new letter asks them seven simple questions about the restructuring that, if they answer them honestly, will help the public truly understand what is at stake in this restructuring.
August 4, 2025 at 2:23 PM
This new letter asks them seven simple questions about the restructuring that, if they answer them honestly, will help the public truly understand what is at stake in this restructuring.
Worst of all, they are acting like they’ve reversed course on their plans and that their new structure will let them prioritize purpose over profit, even though the exact opposite is true.
August 4, 2025 at 2:23 PM
Worst of all, they are acting like they’ve reversed course on their plans and that their new structure will let them prioritize purpose over profit, even though the exact opposite is true.
OpenAI hasn’t been straightforward with you about this restructuring.
They’ve described removing profit caps as a mere "simplification" of the company's capital structure. They've written off the potential disempowerment of the nonprofit as a continuation of the status quo.
They’ve described removing profit caps as a mere "simplification" of the company's capital structure. They've written off the potential disempowerment of the nonprofit as a continuation of the status quo.
August 4, 2025 at 2:23 PM
OpenAI hasn’t been straightforward with you about this restructuring.
They’ve described removing profit caps as a mere "simplification" of the company's capital structure. They've written off the potential disempowerment of the nonprofit as a continuation of the status quo.
They’ve described removing profit caps as a mere "simplification" of the company's capital structure. They've written off the potential disempowerment of the nonprofit as a continuation of the status quo.
For context: OpenAI was famously founded as a nonprofit organization, believing that AGI technology was too valuable, and too dangerous, for the private market. However, investor pressure has changed things.
August 4, 2025 at 2:23 PM
For context: OpenAI was famously founded as a nonprofit organization, believing that AGI technology was too valuable, and too dangerous, for the private market. However, investor pressure has changed things.
The first two sentences cut straight to the chase:
“OpenAI is currently sitting on both sides of the table in a closed boardroom, making a deal on humanity’s behalf without allowing us to see the contract, know the terms, or sign off on the decision.” 👀
“OpenAI is currently sitting on both sides of the table in a closed boardroom, making a deal on humanity’s behalf without allowing us to see the contract, know the terms, or sign off on the decision.” 👀
August 4, 2025 at 2:23 PM
The first two sentences cut straight to the chase:
“OpenAI is currently sitting on both sides of the table in a closed boardroom, making a deal on humanity’s behalf without allowing us to see the contract, know the terms, or sign off on the decision.” 👀
“OpenAI is currently sitting on both sides of the table in a closed boardroom, making a deal on humanity’s behalf without allowing us to see the contract, know the terms, or sign off on the decision.” 👀