openaiOlumide Adesina•Saturday, February 15, 2025•2 min read Add an article to your Reading ListRegister now to be able to add articles to your read
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Olumide Adesina•Saturday, February 15, 2025•2 min read
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OpenAI rejected a $97.4 billion bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, stating that the startup is not for sale and that any additional bid would be dishonest.
Musk’s latest attempt to prevent the startup he co-founded with OpenAI CEO Sam Altman, but later left, from turning into a for-profit company to raise more money and maintain its lead in the artificial intelligence race, is the unsolicited approach.
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“The board unanimously rejected Mr. Musk’s most recent attempt to undermine his competitors, and OpenAI is not for sale. On X, the board quoted OpenAI Chairman Bret Taylor as saying, “Any possible reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity.”
Musk’s attorney Marc Toberoff said that OpenAI is selling control of the for-profit company, which will “enrich its certain board members rather than the charity.”.
OpenAi announced plans to restructure, removing the limitations placed on the startup by its current nonprofit parent and establishing a public benefit corporation to facilitate “raising more capital than we’d imagined.”
Musk responded to Altman’s “no thank you” post on X on Monday, which rejected the consortium’s offer, calling him a “swindler.”.
Altman earlier stated that OpenAI was not for sale. The consortium, which includes Musk’s own AI startup xAI, would withdraw its bid for OpenAI’s non-profit arm if it abandons its plans to become a for-profit company, according to a court filing by Musk’s attorneys on Wednesday.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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