“Elon Musk Says He’ll Withdraw His $97 Billion Bid for Control of Sam Altman’s OpenAI—Only if Altman Agrees to Halt the Transition to a For-Profit Enterprise”
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SUMMARY: Elon Musk, along with a group of private equity and venture investors, made an unsolicited $97.4 billion cash offer to purchase the nonprofit that controls OpenAI, the creator of ChatGPT. However, Musk’s offer comes with a condition: he wants OpenAI CEO Sam Altman to abandon a restructuring plan that would transition OpenAI into a for-profit entity.
Originally, OpenAI was founded as a nonprofit with a mission to advance digital intelligence for the benefit of humanity. In 2019, it created a hybrid structure with a capped-profit subsidiary to raise capital while maintaining its nonprofit mission. However, in December, OpenAI announced plans to transform this for-profit subsidiary into a public benefit corporation to raise more capital.
Musk’s relationship with OpenAI and Altman has been strained for years. Musk co-founded OpenAI with Altman but left after a rejected offer to merge OpenAI with Tesla. Musk has since sued Altman over OpenAI’s ties with Microsoft. The latest bid and the disagreement over OpenAI’s restructuring have added fuel to the ongoing tensions between the two.
Altman rejected Musk’s offer, responding humorously on social media by suggesting Musk buy Twitter instead. Despite the rejection, Musk’s offer could force OpenAI’s board to reassess its nonprofit status and value as it transitions to a for-profit model. The future of this offer and the restructuring remains uncertain.
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