Elon Musk, a key player in artificial intelligence investments, announced his offer to acquire OpenAI, the nonprofit organization that oversees the widely popular ChatGPT. However, despite Musk’s claims, OpenAI’s board says they haven’t seen the formal bid yet. A source close to the matter confirmed this to Reuters, fueling confusion over whether the offer was properly delivered or deliberately withheld.
Musk’s lawyer, Marc Toberoff, insists the offer—detailed in a four-page Letter of Intent—was sent via email to OpenAI’s outside counsel, Wachtell, Lipton, Rosen & Katz. The law firm has not commented, leaving many wondering what really happened.
Musk has long been critical of OpenAI’s shift towards commercialization. He co-founded the company in 2015 as a nonprofit but left after disagreements over its direction and funding strategies. Since then, OpenAI has grown into one of the most influential artificial intelligence businesses, raising billions to develop cutting-edge AI models.
Musk believes OpenAI’s transition into a for-profit entity contradicts its original mission. His offer to buy OpenAI is likely an attempt to regain control and steer the company back toward its nonprofit roots. But OpenAI CEO Sam Altman isn’t having it.
When asked about Musk’s offer, Sam Altman didn’t hold back. Speaking at an AI summit in Paris, he dismissed the bid as “ridiculous” and suggested that Musk’s move was simply another tactic to disrupt OpenAI.
"The company is not for sale. It’s another one of his tactics to try to mess with us," Altman stated bluntly.
An internal memo to OpenAI employees further confirmed that the board intends to reject the offer, stating that it’s not in the best interest of the company’s mission.
This standoff isn’t just about business; it’s about the future of artificial intelligence for finance professionals, businesses, and society as a whole. OpenAI is currently raising $40 billion to fuel its growth, and part of that strategy involves transitioning into a for-profit company. However, that shift has drawn regulatory scrutiny.
Delaware Attorney General Kathy Jennings is reviewing OpenAI’s structural changes to ensure they align with its nonprofit status. Legal experts say that Musk’s bid could influence OpenAI’s valuation, particularly regarding how much it should cost for the nonprofit to relinquish control.
With Musk’s bid hanging in limbo, the artificial intelligence in the business world is closely watching what happens next. If the deal moves forward, it could reshape the AI landscape. If it fails, it could fuel even more tensions between Musk and OpenAI.
For now, OpenAI’s leadership remains firm: the company is not for sale. But in the ever-evolving world of artificial intelligence by Elon Musk, anything is possible.
By clicking "Accept", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in improving your experience.
