> of course YC has a stake in OpenAI

Sam has worn multiple hats for ages. Not all of this holdings are cross invested. (And they don’t have to be as long as everything is disclosed.)

It’s absolutely material that Sam’s statements about having no equity are, granted unsurprisingly a lie. It’s a bit more surprising to me that Graham would publicly defend Altman without disclosing this bias. And it’s actually shocking to me that Livingston, a journalist, was in on the fix.

Every time they raise new $, old shareholders get diluted. OAI has raised a lot of money