Elon Musk's Bold Bid: A $97.4 Billion Offer for OpenAI

Elon Musk's consortium has initiated a $97.4 billion bid to take control of OpenAI, sparking confusion as the board claims it hasn't formally received it. OpenAI CEO Sam Altman rebuffs the offer, emphasizing the nonprofit's focus on its mission despite considerations of transitioning to a for-profit structure.

Elon Musk's consortium has made headlines with a $97.4 billion offer to purchase OpenAI, the renowned AI entity behind ChatGPT. Despite the billionaire's claim of having sent a detailed Letter of Intent to the company's legal counsel, OpenAI's board maintains they haven't received a formal bid, creating a stir in tech circles.

Musk's lawyer, Marc Toberoff, assured Reuters that the proposal, complete with signatures from Musk and other investors, had been sent via email. However, the recipient law firm did not respond to requests for comment. OpenAI CEO Sam Altman dismissed the offer, labeling it as a move to sabotage the non-profit's mission-focused agenda.

Amid the unfolding drama, OpenAI is contemplating a transition to a for-profit model to raise $40 billion, necessary for advancing its AI technologies. While Delaware's Attorney General reviews this shift for compliance with nonprofit guidelines, Musk's bid has intensified the debate over the valuation and control of OpenAI's assets.

(With inputs from agencies.)