Sam Altman did not inform the OpenAI board that he owned the OpenAI startup fund, despite claiming to be an independent board member.

“This claim is supported by public statements from a former OpenAI board member. In May 2024, former board member Helen Toner stated that Sam Altman had withheld information from the board, including his ownership of the OpenAI Startup Fund. This lack of disclosure was cited as one of the reasons for the board's loss of trust in him, which led to his temporary firing in November 2023. Reports from early 2024 also noted that Altman's ownership of the fund, which was later transferred, was a surprise to many employees as it had not been disclosed internally. Context: The OpenAI Startup Fund was launched in 2021. Reports in early 2024 revealed its unusual structure where CEO Sam Altman was the legal owner and controller, not OpenAI itself. OpenAI stated this was a temporary arrangement to get the fund started quickly and that Altman had no personal financial interest. In March 2024, Altman's control of the fund was transferred to a different partner.”