Big brain tech dude got yet another clueless take over at HackerNews etc? Here's the place to vent. Orange site, VC foolishness, all welcome.
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One really bad consequence this deal just opened the gates to is to make it much easier for corporations to gut charities.
I had not thought of that, horrible consequence. Also makes it even easier for the mega rich to hide their money from taxes using charities.
It seems like a complicated but repeatable formula: Start a non-profit dedicated to some technology, leverage the charity status for influence and tax avoidance and PR and recruiting true believers in the initial stages, and then make a bunch of financial deals conditional on your non-profit changing to for profit, then claim you need to change to for-profit or your organization will collapse!
Although I'm not sure how repeatable it is without the "too big to fail" threat of loss of business to state AGs. OTOH, states often bend the rules to gain (or even just avoid losing) embarrassingly few jobs, so IDK.
More worried about hostile takeovers of existing charities tbh. Esp when the requirements to do this get eased more and more every attempt.
I have a nasty feeling there’s a lot of ordinary people who are desperate to throw their money away on OpenAI stock. It’s the AI company! The flagship of the AI bubble! AI’s here to stay, you know! OpenAI? Sure bet!
Remember when a bunch of people poured their life savings into GameStop and started a financial doomsday cult once they lost everything? That will happen again if OpenAI goes public. (I recommend checking out This Is Financial Advice if you want a deep-dive into the GameStop apes, it is a trip)
One really bad consequence this deal just opened the gates to is to make it much easier for corporations to gut charities. A proper charity can run very like a business, but it gets a lot of free rides — and it can grow into quite the juicy plum. The California and Delaware decisions on OpenAI are precedents for large investors to come in and drain a charity if they say the right forms of words. I predict that will become a problem.
...why do I get the feeling companies are gonna start immediately gutting charities once the bubble pops
Remember when a bunch of people poured their life savings into GameStop and started a financial doomsday cult once they lost everything? That will happen again if OpenAI goes public.
I've seen redditors on /r/singularity planning on buying OpenAI stock if it goes public. And judging by Tesla, cultists buying meme stock can keep up their fanaticism through quite a lot.