Jason Lemkin

At some point, it became obvious to the management team around 2017 that the costs to build what OpenAI was to become was such that you couldn't keep going as a nonprofit.

You have to become a for-profit entity.

During the period when that started to happen, Elon had his demands on how he wanted that to happen.

Sam and Greg Brockman had their perspective on how they wanted it to happen.

They ended up, as it were, breaking up.

Elon resigned from the organization.

Fast forward past the drama of 22.

In late 25, the conversion to a for-profit took place finally, and it was approved by California and Delaware.

And now, OpenAI is a for-profit corporation with a largest individual shareholder is the foundation.

And the argument Sam and Greg would make is, hey, you invested money in a charity, and that charity now owns 30% plus of one of the largest companies on the planet.

So you kind of got what you paid for.

That's the argument they're making.

And therefore, you're entitled to nothing.

You made a $30 million donation.

You created a 300, well, probably 150 billion foundation.

Congratulations.

You've helped humanity.

You got what you paid for.

And Elon's comment, which is going to be tricky to prove, but it's going to be messy, is all along, you guys were planning to cheat me and planning to make it a for-profit company.

Because his ask is not just, hey, I want my $30 million back.