Elon Musk has launched a $97.4 billion bid to take management of OpenAI. The Wall Street Journal studies a bunch of traders led by Musk’s xAI submitted an unsolicited supply to the corporate’s board of administrators on Monday. The group needs to purchase the nonprofit that controls OpenAI’s for-profit arm.
When requested for remark, an OpenAI spokesperson pointed Engadget to an X post from CEO Sam Altman. “No thanks however we are going to purchase twitter for $9.74 billion if you’d like,” Altman wrote on the social media platform Musk owns.
no thanks however we are going to purchase twitter for $9.74 billion if you’d like
— Sam Altman (@sama) February 10, 2025
“It’s time for OpenAI to return to the open-source, safety-focused pressure for good it as soon as was,” Musk mentioned in a press release his legal professional shared with The Journal. “We are going to guarantee that occurs.”
It is arduous to say how critical this bid from Musk is and what — if any — likelihood it has to succeed. OpenAI isn’t a standard firm, and the nonprofit structure Sam Altman and others on the firm need it to get away from might the truth is shield it from Musk’s supply. Had been OpenAI purely a for-profit firm with conventional shares Musk’s bid would possible set off what’s recognized in company legislation as a Revlon second, the place, underneath sure circumstances, the corporate’s board of administrators can be compelled to promote the corporate to the very best bidder to maximise shareholder earnings.
Musk, as you’ll be able to think about, wasn’t a fan of Altman’s joke, writing “Swindler” in response and later calling him “Rip-off Altman.”
This text initially appeared on Engadget at https://www.engadget.com/ai/elon-musk-wants-to-buy-openai-for-974-billion-215221105.html?src=rss
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