The equity stake is structured as a convertible security that converts into shares only if a company has an initial public offering (IPO), or a funding event or acquisition that values the company at $100 million or more. The fellowship was discontinued in 2017. In 2016, Y Combinator announced that YC partners would visit 11 countries to meet with founders and learn more about how they could be helpful to international startup communities. Those 11 countries were Nigeria, Denmark, Portugal, Sweden, Germany, Russia, Argentina, Chile, Mexico, Israel, and India. Former Twitter chief financial officer and chief operating officer Ali Rowghani, who was in charge of the YC Continuity Fund when it began, became CEO of YC Continuity. Michael Seibel, who co-founded Justin.tv, became CEO of YC Core, the program that Paul Buchheit had run since 2016. In 2017, Y Combinator began Startup School, an online course that released public videos and coached individual startups. More than 1500 startups graduated the program in its first year. In 2018, Y Combinator announced a new batch of startup school. After a software glitch, all 15,000 startups that applied to the program were accepted, only to learn a few hours later that they had been rejected. But the ensuing outcry led Y Combinator to change course again and decided over an official blog to accept all those 15,000 companies. Now, every company is accepted to join YC Startup School without any restrictions. In 2019, Geoff Ralston replaced Altman as president of Y Combinator. In January 2022, YC announced a new standard deal of $500,000 ($125,000 for 7% and an additional $375,000 on an uncapped safe with an MFN). The summer 2020 batch was conducted remotely via videotelephony due to the COVID-19 pandemic. In the summer of 2022, Y Combinator intentionally shrunk the number of startups within its accelerator down 40% from 414 companies to 250 companies. In January 2023, Garry Tan returned to YC as president and CEO. Programs Y Combinator interviews and selects two batches of companies per year. The companies receive a total of $500,000 in seed money as well as advice, and connections. The $500,000 in funding is made up of $125,000 on a post-money S.A.F.E in return for 7% equity and $375,000 on an uncapped S.A.F.E. with a most favored nation (MFN) provision. Non-profits receive a $100,000 donation. The program includes "office hours", where startup founders meet individually and participate