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Tesla CEO Elon Musk has signalled his intention to withdraw his $97.4 billion bid for OpenAI’s non-profit arm unless the ChatGPT maker transitions into a for-profit entity, according to a court filing on Wednesday.
Musk’s legal team stated in the filing that if OpenAI’s board is willing to preserve the charity’s mission and halt its conversion into a for-profit entity, Musk will rescind his bid. “If (the) OpenAI board is prepared to preserve the charity’s mission and stipulate to take the ‘for sale’ sign off its assets by halting its conversion, Musk will withdraw the bid,” the filing read.
If OpenAI refuses, the filing argued that the charity must be compensated at a fair market rate by an arm’s-length buyer. Musk’s offer, the document stated, was made in good faith to further the charity’s mission.
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Neither OpenAI nor Musk responded to Reuters’ requests for comment outside regular business hours.
OpenAI CEO Sam Altman told Reuters on Tuesday that the non-profit controlling OpenAI is not for sale. Additionally, OpenAI contended that Musk’s bid contradicts his lawsuit, in which he argues that the organisation’s assets should not be used for private gain.
Musk filed a lawsuit against Altman and other OpenAI leaders in August, requesting that a U.S. district judge block the company’s transition to a for-profit model. The ongoing legal battle underscores Musk’s opposition to OpenAI’s shift away from its original non-profit mission.
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