Elon Musk-Led Group Makes $97.4 Billion Bid for Control of OpenAI

A consortium of investors led by Elon Musk is offering $97.4 billion to buy the nonprofit that controls OpenAI, raising the stakes in his battle with Sam Altman over the company behind ChatGPT.Musk’s lawyer, Marc Toberoff, said he submitted a bid for all the nonprofit’s assets to OpenAI’s board of directors Monday. The unsolicited offer adds a complication to Altman’s carefully laid plans for OpenAI’s future, including converting it to a for-profit company and spending up to $500 billion on AI infrastructure through a joint venture called Stargate. He and Musk are already fighting in court over the direction of OpenAI.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. Altman quickly rejected the offer on X. He wrote, No thank you but we will buy twitter for $9.74 billion if you want, using the previous name for the Musk-owned social-media platform and moving the decimal point in the billionaire’s bid for OpenAI one space to the left.Bruce Burke Participating In Forbes Entrepreneur Of Impact CompetitionVOTING IS NOW OPEN - I HAVE TO ASK - PLEASE VOTE FOR BRUCE BURKEI’m currently in 13th place, but have to get into the Top 10, by Thursday the 13th!Exciting News! Neural News Network editor Bruce Burke in the top 15 participants in the Entrepreneur of Impact competition. One visionary winner will be featured in Forbes, receive $25,000, and have a one-on-one mentoring session with the Shark Tank's own Daymond John. Please vote for your Neural News Network editor!CLICK HERE TO VOTE FOR BRUCE BURKE IN ENTREPRENEUR OF IMPACTI'm proposing building an AI-powered, fully automated news and information organization that creates news articles, videos, podcasts, deep dives, special reports, white papers, and more — focused on the ever-expanding world of AI.I’m currently in 13th place, but have to get into the Top 10, by Thursday the 13th.I would appreciate your vote and will be posting again when voting starts. I have setup my profile that outlines my proposal linked below. PLEASE VOTE TODAY!CLICK HERE TO VOTE FOR BRUCE BURKE IN ENTREPRENEUR OF IMPACTIn a Slack message to employees, Altman wrote, Our structure ensures that no individual can take control of OpenAI…These are tactics to try and weaken us because we are making great progress.Altman and Musk co-founded OpenAI in 2015 as a charity. In 2019, after Musk left the company and Altman became chief executive, OpenAI created a for-profit subsidiary that has served as a vehicle for it to raise money from Microsoft and other investors. Altman is in the process of turning the subsidiary into a traditional company and spinning out the nonprofit, which would own equity in the new for-profit.One of the thorniest questions in the conversion has been how the nonprofit will be valued. Musk’s bid sets a high bar and might mean that he, or whoever runs the nonprofit, would end up with a large and possibly controlling stake in the new OpenAI.The bid is being backed by Musk’s artificial intelligence company xAI, which could merge with OpenAI following a deal. He also has several investors backing him, including Valor Equity Partners, Baron Capital, Atreides Management, Vy Capital and 8VC, a venture firm led by Palantir co-founder Joe Lonsdale. Ari Emanuel, CEO of Hollywood company Endeavor, is backing the offer through his investment fund.More on Musk’s bid for OpenAI on The Wall Street JournalPlease support our podcast sponsor, Moving On IT | Tomorrow’s Technology, TodayMoving On IT | Authorized Partner For IT, AI, And Cybersecurity SolutionsI’ve partnered with Moving On IT, your authorized partner for navigating the complex landscape of today’s technology. Moving On IT specializes in providing cutting-edge hardware, software, and cybersecurity solutions tailored to your needs.From robust IT infrastructure to advanced Al applications, Moving On IT empowers businesses to thrive in the digital age. Contact Moving on IT with all your IT, AI and Cybersecurity requirements. Call +1 (727) 490-9418, or email: [email protected] out Moving On IT’s new press release on Cybersecurity Dive | CLICK HERE Get full access to Neural News Network at remunerationlabs.substack.com/subscribe