What has Loveform actually made to be sold for $6.4 billion? A typeface? An emblem for the Royal Family? That's worth that much? Isn't it a conflict of interest for Lauren Powell Jobs to be involved?
As other mentioned Loveform isn't 'io' . Although both companies largely filled with ex-Apple folks in several key positions.
Loveform got a contract with Apple to continue to do some design consulting with Apple. If he seed supporting investment was after the Apple Board gave Loveform the contract there isn't much of a conflict there. Apple invests in company X and then a board member independent also invests in company X then isn't much of a conflict.
However, if Powell Jobs invested in Loveform. Loveform couldn't find much business. Then Apple board gives Loveform a contract that pragmatically keeps the company afloat for 2-3 years , then yes that is a potential conflict. She can excuse herself from the board vote. That would be technically be OK. A bit shady if collectively the board take turns doing this using Apple to bail out their investments.
Pretty good chance Apple Ive somewhat 'off the open market' for a while after he left so that 'gift' contract would happen whether Powell Jobs invested or not. Ive leaving because he is bored /burnt out is one thing. Ive stressed with keeping his company afloat and disgruntled is likely bad PR for Apple.
In general, there are things that makes sense for Apple to invest in. If some ex-employees want to go do something else, there is nothing barring board of directors taking personal money investing in something different from Apple.
Pretty likely there is a 'intent of direction' disconnect of someone is now an ex-Apple employee. What makes sense for Apple to invest in and the directors personal investments should not always be 100% aligned. ( back in old days sometimes HP would help employees spin out into a new company following something that HP didn't want to do. )
Powell Jobs doesn't appear to be on board of OpenAI. Didn't check deep if there is some "friend on that board" action there. ( she is on 13 other boards. Didn't run down rabbit hole there to check there are no OpenAI board members on any of those. ) Decent chance someone else on the millionaire row in her SF neighborhood is connected by 1-2 levels of indirection to OpenAI somehow. If she had been on OpenAI's board and told them to buy out her investment vehicle ( io) then that would be a problem. [ Although some folks like Larry Ellison do this on a regular basis. Oracle buys out one of Larry's side investments. ]
This likely overspend on io is likely to keep Powell Jobs (Emerson Collection) and Loveform indirectly sold for a long while longer. Made wealthily folks even more wealthy so their investments made don't have to do as well and they keep the same high end lifestyle.
Pretty good chance this FT interview is more color cover story for the acquistion. It probably adds more depth to the rebirfth of Jobs+Ive mystique that Altman is looking for here ( Altman+Ive the new dynamic duo ). Powell Jobs just brings more 'Jobs' creed to the story.
It is more so the ex-phone designer folks that is really the core of what OpenAI actually gets. Ive and Powell Jobs more so get their windfall to go do more stuff of what they want to do. (their bank accounts have been flushed full). Ive will probably do some 'back seat driving' here but over time the family of devices that Open AI wants to do probably are going to get closer to phone/watch/tablet/laptop that Ive doesn't want to do.