OpenAI CEO Sam Altman said his company would reject Elon Musk’s $97.4 billion bid for it as it transitions partly into becoming a for-profit company.
Altman rejected Musk’s bid on X, writing “No thank you but we will buy twitter for $9.74 billion if you want.”
Musk and Altman started OpenAI in 2015 as a nonprofit group, but Musk left it in 2019. Altman then created a for-profit subsidiary, which has received funding from Microsoft and other investors, but now he is seeking to transition the subsidiary into a traditional company.
“If Sam Altman and the present OpenAI Inc. board of directors are intent on becoming a fully for-profit corporation, it is vital that the charity be fairly compensated for what its leadership is taking away from it: control over the most transformative technology of our time,” Musk’s lawyer, Marc Toberoff, told the Wall Street…
