Microsoft and OpenAI reach non-binding agreement allowing OpenAI to restructure as a for-profit company

Microsoft (MSFT.O) and OpenAI said Thursday they have signed a non-binding agreement on new terms for their relationship that will allow OpenAI to move forward with its restructuring plan to become a for-profit company. The two companies did not provide further details of the new business arrangement but said they are working to finalize the terms of the agreement. According to a memo from Brett Taylor, the current chairman of OpenAI's nonprofit board, OpenAI said its existing nonprofit parent will control the company through a $100 billion stake in a public benefit corporation and have sway over its decisions. (FT)