# The Governance Paradox at the Heart of the OpenAI Cap Table

- slug: the-governance-paradox-at-the-heart-of-the-openai-cap-table
- date: 2026-04-05
- category: Artificial Intelligence

The OpenAI Foundation controls 100% of board appointments while holding 25.8% of the company. Microsoft has $215B in paper gains and zero board rights. Sam Altman has no equity at all. That structure goes to trial April 27.

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