In a escalation of the hottest rivalry in Silicon Valley, Elon Musk has just announced that he is leading a $97.4 billion bid to buy the nonprofit branch of OpenAI, according to The Wall Street Journal. According to the American outlet, the bid was delivered to the board on Monday morning. The offer brings together a powerful coalition of backers, including Musk’s own AI company, xAI, and heavyweights from venture capital such as Valor Equity Partners, Hollywood mogul Ari Emanuel, and the venture capital firm 8VC, […]
In an escalation of the hottest rivalry in Silicon Valley, Elon Musk has just announced that he is leading a $97.4 billion bid to buy the nonprofit branch of OpenAI, according to The Wall Street Journal. According to the American outlet, the bid was submitted to the board on Monday morning.
The offer brings together a powerful coalition of sponsors, including Musk’s own AI company, xAI, and heavyweights of venture capital such as Valor Equity Partners, Hollywood mogul Ari Emanuel, and the venture capital firm 8VC, co-founded by Palantir’s Joe Lonsdale.
This offer comes at a crucial time for OpenAI. The CEO, Sam Altman, is already juggling multiple massive deals: turning the company into a for-profit structure, raising $40 billion with a valuation of $340 billion, and launching a $500 billion AI infrastructure project.
From lawsuits to the attempted purchase, this is how Elon Musk has changed the strategy
For Musk, who co-founded OpenAI with Altman in 2015 before leaving in 2019, this offer represents his boldest move to date to challenge what he considers a betrayal of the company’s original mission to develop AI safely and openly (an accusation for which he is currently suing OpenAI).
“It is time for OpenAI to be the open-source and safety-focused force for good that it once was,” Musk said in a statement provided by his attorney Marc Toberoff to The Wall Street Journal. “We will ensure that happens.”
The offer also adds an important layer of complexity to the profit-driven conversion anticipated by OpenAI, as Musk’s team has promised to match or exceed any higher offer. This creates a tricky situation for Altman, who is already negotiating with Microsoft and other stakeholders about the equity in the proposed profit structure.
Shortly after the news was announced, Altman tweeted: “No, thanks, but we will buy Twitter for $9.74 billion if you want.”
OpenAI pointed out Altman’s post when asked for a comment. Toberoff did not immediately respond to a request for comments.
Author: Chema Carvajal Sarabia
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