Microsoft and OpenAI have reached a non-binding agreement, allowing OpenAI to restructure.

BlockBeats News, September 12: Microsoft (MSFT.O) and OpenAI said on Thursday that they have signed a non-binding agreement on new terms for their relationship, which will allow OpenAI to advance its restructuring plan to become a for-profit company. The two companies did not provide more details on the new commercial arrangement but stated that they are working to finalize the terms of the ultimate agreement.

A memorandum from OpenAI's current non-profit board chairman, Bret Taylor, indicated that OpenAI stated that its existing non-profit parent company would control the company by holding a $100 billion stake in a public benefit corporation and have decision-making power over the company. (FXStreet)