Elon Musk will withdraw his nearly $100 billion bid for OpenAI if it remains a nonprofit
CNN
Elon Musk says he is prepared to drop his attempt to buy OpenAI if the ChatGPT maker maintains its current structure.
Elon Musk says he is prepared to drop his attempt to buy OpenAI if the ChatGPT maker maintains its current structure. “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,” Musk said in a court filing late Wednesday. “Otherwise, the charity must be compensated by what an arm’s-length buyer will pay for its assets.” Musk announced Monday that he is leading a group of investors who have offered to buy OpenAI for $97.4 billion. OpenAI CEO Sam Altman has lambasted the offer publicly, and the company in a court filing Wednesday questioned Musk’s rationale for the bid — though it has not yet rejected it. OpenAI is operated by a nonprofit organization that controls an entity called OpenAI LP, a for-profit company. That for-profit company took OpenAI from effectively worthless to a valuation of around $100 billion in just a few years — and Altman is largely credited as the mastermind of that plan and the key to OpenAI’s success. OpenAI has announced plans to spin out its for-profit entity to give it more financial leeway. Musk, a cofounder of OpenAI who eventually left the company, claims that structure change would break with OpenAI’s founding charter, because it would focus on making a profit with its AI tools. This is a developing story and will be updated.
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In a high-stakes bid that could reshape the future of artificial intelligence, Elon Musk is leading a group of investors that have offered to buy OpenAI, the parent company of ChatGPT, for $97.4 billion.