This Monday, a group of investors led by Elon Musk’s x.AI proposed to purchase OpenAI for $97.4 billion. The proposal, which would sabotage OpenAI’s intended transition from a nonprofit—something Musk is fighting in court—was rejected by OpenAI CEO Sam Altman.
In a filing on Wednesday, Altman’s attorneys contended that Musk cannot try to both purchase OpenAI’s assets and prevent it from converting to a charity. In response, Musk’s group said that if OpenAI stopped trying to change its status from nonprofit, it would withdraw its proposal.
In the meantime, Musk’s team’s whole letter of intent to purchase OpenAI was made public as part of these filings.
Here are five important facts about this ongoing, quite complicated issue that we discovered from that letter and other court documents.
Musk’s group’s unsolicited offer has a fixed expiration date of May 10, 2025. If the agreement is completed in advance, both parties agree to stop talks, or OpenAI formally declines the offer in writing, there are exceptions to the deadline.
Since boards are normally compelled to legally review such bids, even from competitors, OpenAI’s board hasn’t formally rejected the offer yet, despite Altman’s public dismissals, which included a humorous counteroffer to purchase X for a tenth of the price.
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