Could a $97.4 billion offer be dismissed with just three words? OpenAI CEO Sam Altman did just that, setting off a legal showdown that has left everyone talking. In a recent development, OpenAI’s board unanimously rejected an unsolicited takeover bid led by Elon Musk. Sam’s “No Thank You.” response on the Musk-owned post on X was clear and swift.
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Altman and Musk once collaborated to create the company in 2015. Musk, who later left the board on Feb. 21, 2018, has repeatedly criticized OpenAI’s shift from its nonprofit roots toward a for-profit model.
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Musk filed a lawsuit against OpenAI and Altman last year. He claimed Altman had approached him to fund a nonprofit focused on developing AI to benefit humanity, which was now not the case.
Musk argued that the transformation involving lucrative partnerships with companies like Microsoft MSFT could lead to self-dealing.
OpenAI recently announced plans to expedite the legal proceedings regarding this matter. Both parties agreed to a trial scheduled for December in the U.S. District Court for the Northern District of California. However, whether a jury will hear the case remains pending.
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U.S. District Judge Yvonne Gonzalez Rogers denied Musk’s request for a preliminary injunction to halt OpenAI’s transition to a for-profit entity. She stated on March 4 that Musk did not meet the required burden of proof for such an injunction.
However, Gonzalez acknowledged the public interest in the case and agreed to expedite a trial to address the legality of OpenAI’s conversion.
In a blog post, OpenAI defended its restructuring efforts. “We welcome the court’s March 4 decision rejecting Musk’s latest attempt to slow down OpenAI for his personal benefit.” said in a blog post.
The company insists that converting to a traditional for-profit structure is essential to attract further investment. OpenAI’s latest funding round raised $6.6 billion, as confirmed by OpenAI. There are discussions for another round of up to $40 billion led by SoftBank Group.
The additional funds are aimed at supporting its ambitious projects and facilitating the transition from its nonprofit origins. This restructuring is deemed essential by the company to attract further investments necessary for the development of advanced AI models. Musk has used X to call Altman a “swindler” and to mock the company’s valuation.
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