OpenAI has officially rejected Elon Musk's offer to buy control of the company for $97.4 billion. In a letter to Musk's lawyer, OpenAI stated that the proposal is not in the best interest of the organization's mission and is unanimously rejected by the board.
The"much-publicized 'bid' is in fact not a bid at all," William Savitt, the attorney for OpenAI, wrote to Marc Toberoff, who represents Musk.
The"proposal, even as first presented, is not in the best interest of OAI's mission and is rejected," Savitt wrote to Marc Toberoff, who represents Musk."The decision of the OAI board on this matter is unanimous.""Any potential reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity," he wrote, referring to artificial general intelligence.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe Musk-Altman drama dates back to 2015, when they were two of the founders of OpenAI, launching it as a nonprofit AI research lab. The longtime friends and colleagues have become bitter adversaries since OpenAI's emergence as the pioneer of generative AI through its viral ChatGPT chatbot.
With OpenAI still overseen by a nonprofit parent, its effort to flatly reject Musk's takeover bid may be complicated. That's because the board doesn't have a fiduciary responsibility to investors, but is rather officially beholden to OpenAI's charter.
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