When the OpenAI Startup Fund was first established in 2021, Altman was designated as its controller. If he hadn't been called back to serve as OpenAI's CEO after his temporary dismissal in November, the arrangement may have caused significant problems for the business. A representative clarified that Altman had no financial stake in the fund and that the original GP structure was only meant to be transitory.

Axios had first reported on the story.

Hathaway became a member of OpenAI in 2021 and was instrumental in overseeing the Startup Fund, which included investments in Ambience Healthcare, Harvey, Cursor, and Speak. In the past, he had invested with Haystack, based on his LinkedIn profile.

According to an SEC filing, the fund currently has $325 million in gross net asset value, including $175 million in commitments last year. Microsoft and several outside backers were among the investors. The organization makes investments in early-stage AI-driven businesses in industries like education, law, and healthcare.

PitchBook data shows that at least 16 other firms have received funding from the Startup Fund. Among them are software developer Ghost Autonomy and collaborative editing platform Descript, which was valued at $553 million in the previous year.