State Legal Leaders Seek SEC Probe of OpenAI’s Public Offering

Attorneys general are asking the SEC to carefully vet OpenAI’s filings when the company goes public, as controversy tied to the potentially massive IPO could impact the health of state-run pensions.

OpenAI CEO Sam Altman’s reported entanglements between his personal portfolio and companies with which OpenAI has done business introduce risks to residents’ retirement savings, Montana Attorney General Austin Knudsen and nine other attorneys general said Tuesday in a letter to Securities and Exchange Commission Chair Paul Atkins. This is in part because state pensions would likely be “forced buyers” of OpenAI once the company is public and grouped into ...