Elon Musk-Led Group Makes Bid of $97.4B for OpenAI
- Publish date: since 8 hours
- Related articles
- HM King Hamad Congratulates KSA for Winning the Expo 2030 Bid
- Traditional Bands to Bid Farewell to Ramadan in Bahrain
- Elon Musk Goes Viral for Salute During Presidential Parade
A consortium of investors led by tech billionaire Elon Musk made a bid of $97.4 billion for Sam Altman's OpenAI.
The owner and CEO of the company has emphasized that his company is "not for sale". Altman had cofounded OpenAI with Musk before a public falling out after which the owner of SpaceX left.
Musk's attorney, Marc Toberoff, confirmed that the tech billionaire had submitted the bid for all of OpenAI's assets to the board on Monday, Feb. 10.
In response to this move, Altman responded on X, saying, "No thank you but we will buy Twitter for $9.74 billion if you want."
OpenAI is not a publically traded company, but it involves a partnership between non-profit and for-profit arms; Altman sits on the board of the nonprofit.
While Musk wants to return the company to its non-profit roots, Altman wants to transform the company into a fully profit organization.
Musk's move to buy the company has come as a surprise because he already owns its rival firm xAI.
Altman does not own any stock in OpenAI and he cannot make the decisions of the company's future alone, the whole board will have to make that decision.
The offer of $97.4 billion is much lower than the $157 billion OpenAI has been valued at in its latest funding round in October 2024.
There are talks of another funding round reportedly valuing the company at $300 billion.