Bill Ackman

But the nonprofit entity, as I understand it, owns a big chunk of open AI and the investors own sort of a capped interest where their upside is capped and they don't have representation on the board. And I think that was a setup for a problem, and that's clearly what happened here.

But the nonprofit entity, as I understand it, owns a big chunk of open AI and the investors own sort of a capped interest where their upside is capped and they don't have representation on the board. And I think that was a setup for a problem, and that's clearly what happened here.

Yeah. Governance really matters. Boards of directors really matter. Giving the shareholders the right to have input at least once a year on the structure of the governance of companies is really important. And private venture-backed boards are also not ideal.

Yeah. Governance really matters. Boards of directors really matter. Giving the shareholders the right to have input at least once a year on the structure of the governance of companies is really important. And private venture-backed boards are also not ideal.

Yeah. Governance really matters. Boards of directors really matter. Giving the shareholders the right to have input at least once a year on the structure of the governance of companies is really important. And private venture-backed boards are also not ideal.

I'm an active investor in ventures, and there are some complicated issues that emerge in private venture-stage companies where board members have somewhat divergent incentives from the long-term owners of a business. And what you see a lot in venture boards is They're presided over generally by venture capital investors who are big investors in the company.

I'm an active investor in ventures, and there are some complicated issues that emerge in private venture-stage companies where board members have somewhat divergent incentives from the long-term owners of a business. And what you see a lot in venture boards is They're presided over generally by venture capital investors who are big investors in the company.

I'm an active investor in ventures, and there are some complicated issues that emerge in private venture-stage companies where board members have somewhat divergent incentives from the long-term owners of a business. And what you see a lot in venture boards is They're presided over generally by venture capital investors who are big investors in the company.

Oftentimes, it's more important to them to have the public perception that they're good directors so they get the next best deal. If they have a reputation for taking on management too aggressively, word will get out in the small community of founders and they'll miss the next Google. And so their interests are not just in that particular company. That's also one of the problems.

Oftentimes, it's more important to them to have the public perception that they're good directors so they get the next best deal. If they have a reputation for taking on management too aggressively, word will get out in the small community of founders and they'll miss the next Google. And so their interests are not just in that particular company. That's also one of the problems.

Oftentimes, it's more important to them to have the public perception that they're good directors so they get the next best deal. If they have a reputation for taking on management too aggressively, word will get out in the small community of founders and they'll miss the next Google. And so their interests are not just in that particular company. That's also one of the problems.

Again, it all comes back to incentives.

Again, it all comes back to incentives.

Again, it all comes back to incentives.

Yeah, so private venture-backed companies The boards tend to be very small. It could be a handful of the venture investors and management. They're often very rarely independent directors. It's just not an ideal structure. Oh, I see. You want independent. It's beneficial to have people who have an economic interest in the business and they care only about the success of that company.

Yeah, so private venture-backed companies The boards tend to be very small. It could be a handful of the venture investors and management. They're often very rarely independent directors. It's just not an ideal structure. Oh, I see. You want independent. It's beneficial to have people who have an economic interest in the business and they care only about the success of that company.

Yeah, so private venture-backed companies The boards tend to be very small. It could be a handful of the venture investors and management. They're often very rarely independent directors. It's just not an ideal structure. Oh, I see. You want independent. It's beneficial to have people who have an economic interest in the business and they care only about the success of that company.

Uh, as opposed to someone who, you know, if you think about the venture business, getting into the best deals is more important than any one deal. And you see cases where, you know, the boards go along with in some cases, bad behavior on the part of management because they want a reputation for being kind of a, a founder friendly, a director, you know, that's, that's kind of problematic.

Uh, as opposed to someone who, you know, if you think about the venture business, getting into the best deals is more important than any one deal. And you see cases where, you know, the boards go along with in some cases, bad behavior on the part of management because they want a reputation for being kind of a, a founder friendly, a director, you know, that's, that's kind of problematic.

Uh, as opposed to someone who, you know, if you think about the venture business, getting into the best deals is more important than any one deal. And you see cases where, you know, the boards go along with in some cases, bad behavior on the part of management because they want a reputation for being kind of a, a founder friendly, a director, you know, that's, that's kind of problematic.