The artificial intelligence oversight organization Midas Project has filed a complaint against ChatGPT manufacturer OpenAI, accusing the company of potentially violating tax laws, which could threaten its nonprofit status.
The tech oversight agency stated that they have documented OpenAI's "abandoned safeguards, pervasive conflicts of interest, financial gains if the organization transitions to a for-profit CEO, and even potential misuse of charitable funds."
These findings are part of the complaint submitted by the Midas Project to the IRS, alleging that OpenAI board members "have significant financial conflicts."
The complaint claims that OpenAI's board structure creates conflicts of interest that violate federal tax exemption rules for nonprofit organizations. Specifically, CEO Sam Altman serves as both the CEO of OpenAI's for-profit business and a board member of its nonprofit organization, which they claim leads to personal benefits at the expense of the nonprofit.
"CEO Sam Altman may gain equity in the new for-profit company, but in any case, his investments in companies collaborating with OpenAI create additional conflicts, potentially worth hundreds of millions," they said.
The Midas Project stated that it is a nonprofit initiative established in early 2024, responsible for overseeing, investigating, and reporting on leading AI companies to ensure that "AI technology benefits everyone, not just the companies developing it."
According to the New York Post, Sam Altman is expected to gain equity in the restructured OpenAI entity, which could be worth billions given the company's $300 billion valuation.
The complaint also points out several board members with financial conflicts, such as Chairman Bret Taylor, whose co-founded Sierra AI resells OpenAI's models; Adam D’Angelo's company Quora is a client of OpenAI; and Adebayo Ogunlesi's company Global Infrastructure Partners profits from data centers benefiting from AI infrastructure demands.
The Midas Project stated that OpenAI was established to ensure that advanced general intelligence benefits humanity, not shareholders, concluding that "as they move towards powerful AI systems, any actions that undermine these safeguards could jeopardize the public interest. The IRS must investigate to uphold OpenAI's accountability to humanity."
Cointelegraph reached out to OpenAI for comment but did not receive an immediate response.
OpenAI was founded in 2015 as a nonprofit organization by Elon Musk, Sam Altman, and others.
Last November, the AI company engaged in preliminary negotiations with U.S. regulators to transition to a for-profit structure.
However, reports indicate that OpenAI abandoned those plans and reaffirmed its commitment to nonprofit status in May, noting that no final decision had been made regarding restructuring.
In 2017, Musk initially advocated for OpenAI to transition to a for-profit model but sued the company in March and again in August 2024, accusing the AI company of violating their original contract as a nonprofit project and abandoning its initial mission in pursuit of profit.
A group of investors led by Musk submitted a $97.4 billion acquisition proposal to the OpenAI board in February, which was rejected by Altman.
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Original article: “OpenAI Faces IRS Complaint Over Alleged Tax Violations”
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