DETROIT – The University of Michigan’s endowment appears to be in for a windfall.
The university made a $20 million investment in the early days of Open AI that is estimated to be worth $2 billion when the company goes to the public market in a likely initial public offering, according to reports citing court documents.
Business Insider reported that documents in Elon Musk’s federal lawsuit against Sam Altman show the university made the investment in Open AI before Microsoft invested $1 billion in 2019. Open AI, which runs ChatGPT, launched in 2022 and could go public in late 2026 or early 2027, according to reports…