Elon Musk's $97.4 Billion Bid for OpenAI Sparks Legal and Financial Drama
Elon Musk, alongside a consortium of investors, has made an unsolicited $97.4 billion bid to acquire OpenAI, the company behind ChatGPT. The offer, which includes backing from prominent venture firms and Musk’s AI company xAI, aims to return OpenAI to its original mission as a nonprofit research lab focused on open-source AI development. Musk, who co-founded OpenAI with CEO Sam Altman in 2015, has been embroiled in a legal battle with the company over its transition to a for-profit structure.
Sam Altman swiftly rejected the bid on Musk’s social media platform X, quipping, “No thank you but we will buy Twitter for $9.74 billion if you want,” referencing Musk’s $44 billion acquisition of the platform in 2022. Musk responded with a single word: “Swindler.”
The bid comes amid ongoing litigation between Musk and OpenAI. Musk alleges that the company has strayed from its founding principles of developing AI for the public good, accusing it of becoming a profit-driven entity. OpenAI, however, has dismissed Musk’s claims as baseless and part of a campaign to gain a competitive edge.
OpenAI is currently restructuring as a for-profit public benefit corporation, a move that has drawn scrutiny. The company recently raised $6.6 billion at a $157 billion valuation and plans to complete its transition within two years. Musk’s attorney, Marc Toberoff, has argued that the nonprofit entity controlling OpenAI must be fairly compensated for relinquishing control over its transformative technology.
The legal and financial maneuvering underscores the high-stakes competition in the AI industry, with Musk and Altman now positioned as rivals in shaping the future of artificial intelligence. A federal judge has allowed parts of Musk’s lawsuit to proceed, setting the stage for a potential trial next year.
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