PANews reported on September 12th that Bloomberg News reported that OpenAI is nearing an agreement with its largest shareholder, Microsoft , to form a new public benefit corporation controlled by the existing nonprofit. The nonprofit would receive at least $ 100 billion in equity, representing approximately 20% of the company's valuation. The two parties have signed a memorandum of understanding, with Microsoft agreeing to continue a deep collaboration. The restructuring still requires approval from the attorneys general of California and Delaware, and faces legal challenges from Elon Musk .