Elon Musk investor group submits $97.4 billion bid for OpenAI - WSJ

February 11, 2025 08:45 AM AEDT | By Investing

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Elon Musk investor group submits $97.4 billion bid for OpenAI - WSJ

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Elon Musk is taking his battle with OpenAI to a new level... he is trying to buy the entire company.

According to late-breaking reports from the Wall Street Journal, Elon Musk has assembled a consortium of investors and is offering to acquire the ChatGPT maker for $97.4 billion. Musk plans to merge OpenAI into his newly-formed AI company xAI.

Marc Toberoff, who is Musk's attorney, said the bid was presented to OpenAI's board on Monday.

Musk has been a vocal opponent of OpenAI's Sam Altman's plan to turn the company into a for-profit entity. The two co-founded OpenAI in 2015 as a non-profit. After Musk left the company in 2019, it created a for-profit arm that raised money from Microsoft Corporation (NASDAQ:MSFT) and others. Altman is working on converting the subsidiary into a traditional company while separating the nonprofit, which would retain equity in the newly formed for-profit.

"It’s time for OpenAI to return to the open-source, safety-focused force for good it once was,” Musk said in a statement provided by Toberoff. “We will make sure that happens.”

OpenAI most recently was said to be worth $300 billion, based on new potential funding from SoftBank (TYO:9984).

OpenAI and SoftBank announced an aggressive $500 billion AI project, Stargate, with President Trump in January.

Altman quickly responded to the overture, posting on X, "no thank you but we will buy twitter for $9.74 billion if you want." Musk bought X (formerly Twitter) for $44 billion in 2022.

This article first appeared in Investing.com

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