OpenAI chief executive Sam Altman has rejected a $97.4 billion (€94.13 billion) takeover bid from a consortium led by Elon Musk.
Musk’s attorney, Marc Toberoff, confirmed that the offer to buy all assets of OpenAI was submitted to the company’s board on Monday. The move marks the latest twist in the ongoing rivalry between Musk and Altman over the future of OpenAI, the leading AI start-up behind ChatGPT.
Altman responded with a dismissive post on Musk’s social media platform X, saying: “no thank you but we will buy twitter for $9.74 billion if you want.” Despite his rejection, the proposed acquisition is not necessarily off the table, as OpenAI’s board may still consider a sale if the offer is increased.
Musk and Altman co-founded OpenAI in 2015 as a non-profit, but their relationship soured, leading to Musk’s departure in 2018. Altman is now restructuring OpenAI into a for-profit entity, a move Musk claims is a betrayal of its original mission to develop AI for humanity’s benefit. OpenAI argues that this shift is necessary to secure investment for AI advancements.
Investor Christie Pitts expressed scepticism about Musk’s bid, suggesting it might be tied to his own AI ventures. OpenAI’s latest valuation reportedly exceeds $300 billion, far higher than Musk’s offer. Meanwhile, OpenAI is collaborating on a $500 billion AI infrastructure project, backed by Oracle and international investors. Musk has cast doubt on the project’s funding but has not provided evidence for his claims.
