Elon Musk has made a stunning move by offering to buy OpenAI for $97.4 billion, but his bid hinges on the company abandoning its shift to a for-profit entity. OpenAI CEO Sam Altman has rejected the offer, calling the company 'not for sale' and accusing Musk of attempting to stifle competition.
Elon Musk has stated his intention to withdraw his $97.4 billion bid for OpenAI if the company discontinues its transition to a for-profit entity, according to recent court filings. In a Wednesday filing in a California federal court, lawyers representing Musk revealed that 'If OpenAI, Inc.'s Board is prepared to preserve the charity's mission and stipulate to take the 'for sale' sign off its assets by halting its conversion, Musk will withdraw the bid.
' Alternatively, they stated, 'Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets.'This development stems from an unsolicited bid made by a Musk-led group of investors on Monday for 'all assets' of OpenAI, Inc. Sam Altman, OpenAI's CEO, swiftly dismissed the move, proclaiming the company 'not for sale.' Musk's lawyers contend that OpenAI's leadership is acting contrary to the nonprofit's best interests by pursuing a for-profit conversion, arguing that this would primarily benefit Altman and a select group of investors rather than the organization's original mission of developing AI for the public good.Altman responded to Musk's bid on Tuesday at a Paris AI summit, characterizing it as an attempt to suppress a competitor and expressing his belief that the Tesla boss is not a 'happy person.' Representatives for both OpenAI and Musk have not yet issued a comment in response to a Business Insider request.
ELON MUSK OPENAI AI SAM ALTMAN FOR-PROFIT
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