(Bloomberg) – The Board of Directors of OpenAI has formally rejected an offer from a group of investors led by Elon Musk to buy the non -profit organization that checks the artificial intelligence company for $ 97.4 billion.
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“OpenAi is not for sale and the board has the last attempt by Mr. Musk to disrupt his competition, unanimously rejected,” said Bret Taylor, chairman of OpenAi, on Friday in a statement on behalf of the council.
Musk, who was co-founder of OpenAI ten years ago before launching a rival AI startup, called in a group of rich allies for an unsolicited cash to buy the assets of the non-profit. Other financiers of the proposal were Valor Equity Partners, Baron Capital, Atreids Management, VY Capital, Joe Lonsdale’s 8VC and Ari Emanuel, through his investment fund. Musk said he hoped to return to “the open source, safety-oriented force forever was forever.”
The offer was quickly rejected earlier this week by OpenAi Chief Executive Officer Sam Altman, who called it a tactic by a competitor to “slow us down” and emphasized that the company is “not for sale”. Andrew Nussbaum, a counsel of the OpenAI Board, also said earlier in a statement that OpenAi did not want to sell and emphasized that the “only fiduciary duty” of the directors fulfilling the company’s mission to make more powerful, hypothetical AI systems To build that is called artificial general intelligence (AGI) that benefits humanity. “Respectful,” he said, “it is not a competitor to decide what is in the best interest of the Mission of OpenAi.”
Marc Toberoff, a lawyer who represents the investment consortium led by Musk, said that the rejection of the bid of the board is “no surprise” because Altman and Taylor had made statements on the bid before the board had revised it.
“Of course they put the assets of charity (control over the company with profit) for sale. That is what their “reorganization” is about. They just sell it to themselves during a fraction of what Musk has offered, “Toberoff said in a statement on Friday. “Will someone explain how that ‘all humanity’ benefits?”
Musk has repeatedly tried to derail the plans of OpenAi to restructure as a more conventional company with profit. The billionaire has submitted two lawsuits against OpenAi for alleging for alleging the founding principles and a court asked to block the restructuring efforts of the Chatgpt Maker. A judge recently said that she was reluctant to immediately issue such an order in a case “billionaires versus billionaires”.
