OpenAI, the company behind the generative AI chatbot ChatGPT, has removed its CEO, Sam Altman, as the owner and manager of its corporate venture fund, a filing with the U.S. Securities and Exchange Commission revealed.
The fund used to invest in startups will now be managed by Ian Hathaway, Axios reported on Monday. Hathaway has been a partner in the fund since it launched in 2021 and has led investments in startups like Harvey, the maker of AI tools for attorneys, and the language learning app Speak.
Altman is no longer listed as a general partner in the fund.
“As previously communicated, the fund’s initial GP structure was a temporary arrangement, and involved no personal investment or financial interest from Sam. This change provides further clarity,” OpenAI told Axios.
The company did not immediately respond to a request for comment from Quartz.
The fund is marketed as a corporate venture fund, however, its governing structure is unique. Traditionally, these type of funds invest a company’s money in startups and are managed by a third-party.
In the case of the OpenAI fund the money was raised by Altman via OpenAI partners — such as Microsoft — and was managed by Altman. OpenAI is not an investor, according to the fund’s website.
The fund is looking to invest $175 million in early-stage startups in the fields of “healthcare, law, education, energy & infrastructure, the sciences, and more.” The fund currently controls a gross of $325 million in asset value, according to Axios.
Altman, who is known for his vast investments outside of OpenAI — like the fusion power company Helion Energy and the controversial crypto Worldcoin — recently earned $30 million from Reddit’s initial public offering in March.