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According to this analysis from a few months back: https://www.wheresyoured.at/oai-business/ OpenAI are kind of fundamentally unsustainable as a business.
This is the modern version of 2010's "Amazon makes no money in retail"
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I wrote this in 2021: Billionaires: Our Single Point of Failure https://metastable.org/billionaires/
Sincere question: what do you believe should happen when a company becomes successful? You make excellent criticisms and I've had similar thoughts. But I never really understood what people want to do other than confiscate companies once they become successful. Not saying that is what you want to do - you specifically say not that. You mention "let’s engineer a network of trust and monitoring and a culture of transpa…
So, if you start a company that becomes huge and your slice is worth $100 billion, or even $10 trillion, you can still own all of that via the personal corporation. And you can invest or spend all of it [almost] however you want.
The difference is that the personal corporation has oversight; I only specify there will be a "board" I don't have anything concrete beyond that.
But the idea is in extreme circumstances, the board can over-rule your money-related decisions. The intent is they will only step in if you are going nuts, but the devil is in the details of how exactly to do that. It might be impossible, but I'd rather see us at least try rather have brain-damaged trillionaires causing unchecked mayhem.
When I make this argument, people assume I want to tax or seize the billionaire's wealth, but no, I'm saying they can keep every penny. Although to be fair, if you did cleave apart people's finances like this, taxing the "personal corporation" higher than the individual portion would be tempting.
Sam’s reply on twitter[0] no thank you but we will buy twitter for $9.74 billion if you want [0] https://x.com/sama/status/1889059531625464090 ?
Elon's response: https://x.com/elonmusk/status/1889062013109703009 > Swindler In another tweet chain: https://x.com/elonmusk/status/1889063777792069911 > Scam Altman
xAI is not making any money - it's a money furnace, so what does it mean the bid is backed by xAI ? The leverage and 'creativity' in the US is off the charts. Dotcom bubble starts to look reasonable.
Earlier quoted context omitted.
Sincere question: what do you believe should happen when a company becomes successful? You make excellent criticisms and I've had similar thoughts. But I never really understood what people want to do other than confiscate companies once they become successful. Not saying that is what you want to do - you specifically say not that. You mention "let’s engineer a network of trust and monitoring and a culture of transpa…
In the post, I say private individuals can own assets in two ways, as individuals (up to a cap) or through a personal corporation (no cap). So, if you start a company that becomes huge and your slice is worth $100 billion, or even $10 trillion, you can still own all of that via the personal corporation. And you can invest or spend all of it [almost] however you want. The difference is that the personal corporation ha…
Well yeah :)
Any ideas on how the board is chosen? Does the majority(only) owner / CEO of the p-corp do it?
With first mover advantage disappearing for OpenAI and very good alternatives appearing, one wonders how long they can sustain a multi billion dollar per year loss[0]. The launch of ChatGPT was earth shaking, but what have they done since that impacts or excites the average consumer? Does their revenue even come from the average consumer, or primarily from API users that will lift and shift to a viable competitor? I…
It feels like Musk is single-handedly making a great case for why unlimited accumulation of wealth is a bad idea. It's pretty colorful language, but my mind immediately jumps to "financial terrorist". He's using his enormous amount of wealth and influence as a weapon to bludgeon anyone and anything in his way.
I typically like Elon about 70% of the time, but I need to agree here. I don't quite understand how he suddenly got so much influence.
> to buy the nonprofit that controls OpenAI What does it mean to buy a nonprofit? Who owns it now? Does anyone?
He also has several investors backing him, including Valor Equity Partners, Baron Capital, Atreides Management, Vy Capital and 8VC, a venture firm led by Palantir co-founder Joe Lonsdale. Ari Emanuel, CEO of Hollywood company Endeavor, is also backing the offer through his investment fund.
....Atreides Management? The financing arm of a aristocratic line running a personality cult and who have a nepo baby on the cards contemplating a little bit of jyhad as his ticket out? ....I Do sometimes wonder who comes up with these names.