Elon Musk will withdraw bid for OpenAI’s nonprofit if its board agrees to terms
In one Court request on WednesdayA lawyer for Elon Musk said that the billionaire will take his bid of $ 97.4 billion for the non-profit organization of OpenAI if the Chatgpt Maker’s board of directors retains the mission of the charity “and his conversion to a company with profit motive stops.
The submission, submitted to the American court for the Northern district of California, claims that the range of musk to buy the non-profit of OpenAi is “serious”, and that the non-profit “must be compensated by what a Weapon length of the buyer will pay for his assets.
“Should […] The assets of the charity continue to sale, a consortium -led consortium has submitted a serious offer […] That would go to charity to promote his mission, “the application is. ‘[However, if] The board of OpenAi, Inc. Is willing to maintain the mission of the charity and decisive to take the ‘for sale’ -to take his assets by stopping his conversion, Musk will withdraw the bid. “
The application is the latest development in a Saga that started on Monday, when Musk, his AI company, XAI, and a group of investors offered to buy the non -profit that OpenAi effectively rules for $ 97.4 billion. OpenAi CEO Sam Altman and the company’s board quickly rejected the unsolicited proposal. In one rackAndy Nussbaum, the counsel who represents the OpenAI board, said that the bid of Musk ‘has not established a value [OpenAI’s] Non -profit “and that the non -profit organization is” not for sale “.
Musk, a co-founder of OpenAi, established a lawsuit against the company and Altman last year who claims that OpenAi, among other things, held anti-competitive behavior and fraud.
OpenAi was founded as a non-profit before it surrendered to a “DOP profit” structure in 2019. The non-profit is the only controller of the CAPT profit OpenAi Corporation, which retains formal fiduciary responsibility for the charter of the non-profit. OpenAi is now working on restructuring-this times for a traditional company with a profit motive, in particular a general interest company. But Musk tries to impose the conversion through the court case.
In one Submit earlier on WednesdayLawyers for OpenAi called Musk’s movement to take control of the company “an inappropriate bid to undermine a competitor”, and a contradiction with his position in the court that a transfer of the assets of the startup are restructuring Mission would break as a charity.
