Elon Musk – Wikipedia
In a stunning rebuke, OpenAI’s board of directors on Friday decisively and unanimously rejected a staggering $97.4 billion takeover bid from Elon Musk and his consortium of investors, thwarting their attempt to seize control of the artificial intelligence giant. The move escalates an already fierce and deeply personal battle between Musk and OpenAI’s embattled yet defiant CEO, Sam Altman, setting the stage for an even more dramatic power struggle in the AI industry.
“OpenAI is not for sale, and the board has unanimously rejected Mr. Musk’s latest attempt to disrupt his competition.,” said Bret Taylor, the chairman of the OpenAI board. “Any potential reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity.”
Marc Toberoff, the lawyer representing Elon Musk and hi group of investors, told the NY Times, “This comes as no surprise, given that Altman and board chair Taylor already rejected Musk’s $97 billion bid while stating they had not yet received it. But we are surprised to see the board, which has strict fiduciary duties to carefully consider the bid in good faith on behalf of the charity, use the same kind of deflective double-talk Altman used in testifying to the Senate.”
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Toberoff, however, also told the Times that the OpenAI board members are just planning on selling the firm to themselves, at a “fraction of what Musk has offered, enriching board members.”
Last week, an investor group led by Elon Musk has made an unsolicited $97.4 billion bid to seize control of the nonprofit behind OpenAI—escalating a long-simmering feud between Musk and the company’s CEO, Sam Altman.
OpenAI founder Sam Altman responded with a snarky comment made on Elon Musk owned Twitter saying, “no thank you but we will buy twitter for $9.74 billion if you want.”
This is while Elon Musk is suing the company, accusing OpenAI and tech titan Microsoft of orchestrating an illegal power grab to monopolize the artificial intelligence market.
At the heart of the clash is Altman’s push to restructure OpenAI into a for-profit entity, a move Musk has fiercely condemned. The two billionaires, who once stood side by side as co-founders of OpenAI in 2015, are now locked in a legal showdown over the future of the company. OpenAI argues that restructuring is key to building its most advanced AI models yet, while Musk remains adamant that the shift betrays the organization’s founding mission.
Elon Musk is suing Sam Altman’s OPenAI for breach of contract charging that the company has failed to live up to its found principle of working, “for the benefit of humanity broadly.” Sam Altman is also named in the lawsuit that alleges he reneged on the original plan for OpenAI to be a non-profit, open-source mission.
The 35 page lawsuit was filed in Superior Court in San Francisco.
OpenAI is an artificial intelligence (AI) research and implementation organization based in the United States. It was founded in 2015 by Elon Musk, Sam Altman, Ilya Sutskever, Greg Brockman and several others. OpenAI’s mission is to ensure that artificial general intelligence (AGI) benefits all humanity.
Sam Altman has been named one of the 100 most influential people in the world by Time magazine and one of the “Best Young Entrepreneurs in Technology” by Businessweek. He is also the founder of the Long Term Future Fund, a venture capital fund that invests in companies working to solve long-term problems like climate change and pandemics.
