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OpenAI’s board rejects bid from Elon Musk-led group

BBG News

The offer made by a team led by Elon Musk to buy OpenAI for $97.4 billion was refused by their board on Friday.

On Friday, Bret Taylor, the chairman of OpenAI’s board of directors, declared that OpenAI is not up for sale and has flatly turned down Elon Musk’s recent endeavor to create disruption within his industry rivals.

OpenAI, the innovative company based in San Francisco that developed ChatGPT (among other things), is aiming to transition from a nonprofit startup into a profitable corporation. This venture was established by Elon Musk’s business partner, who serves as its CEO.

On a Friday, Taylor expressed that any possible restructuring of OpenAI would bolster the organization’s non-profit status and its commitment to ensuring that Advanced General Intelligence (AGI) serves the wellbeing of all mankind.

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On Monday, OpenAI announced that they plan to make their contentious text-to-video tool accessible to the general public, offering various subscription plans for users.

Last year, I, as one of the early investors in OpenAI, found myself taking legal action against the organization. The reason behind this step was my belief that OpenAI was straying from its original purpose – to serve humanity and promote its well-being.

The SpaceX chief executive also leads an AI startup, xAI, which competes against OpenAI.

Musk purchased social media company Twitter in 2022 for $44 billion and changed the name to X.

A Musk-led investment consortium on Monday announced its offer to buy OpenAI.

In simpler terms, Marc Toberoff, who speaks on behalf of the investors, stated on Monday that if Sam Altman and the OpenAI Inc. Board are planning to turn the company into a for-profit entity, it’s crucial that they fairly compensate the charity for the control over groundbreaking technology of our era that they are taking from it.

Musk stated on Monday, “OpenAI needs to revert back to its original mission as an open-source platform prioritizing safety and doing good. We are committed to ensuring this transformation takes place.

In a response on X, Altman stated, “We appreciate the offer, but we’re passing. However, we are open to purchasing Twitter for $9.74 billion if that is of interest.

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Many screenwriters for movies and television express shock that their work is being utilized by technology firms to educate artificial intelligence systems, often without their explicit consent. These creators are urging production houses to pursue legal measures in response to this issue.

In a legal document submitted yesterday, Toberoff stated that Musk has agreed to abandon his offer if the OpenAI board commits to preserving the charity’s mission and removing ‘for sale’ status from its assets by halting any further conversion processes.

The investment group headed by Elon Musk that submitted a bid for OpenAI also includes xAI Corporation, Baron Capital Group Inc., Valor Management LLC, Atreides Management LP, Vy Fund III L.P., Eight Partners VC LLC, and Ari Emanuel’s investment firm, Emanuel Capital Management LLC. Notably, Emanuel is the CEO of the Beverly Hills-based entertainment and sports company Endeavor.

On Friday, Toberoff stated in an email, ‘They are essentially buying it at a low price compared to what Musk proposed, primarily benefiting Board members like Altman, Brockman, and others, rather than a charity. Can someone clarify how this serves the greater good for ‘all of humanity’?’

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2025-02-15 05:01

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