The board of directors of OpenAI has formally turned down Elon Musk’s almost $100 billion bid for the company that creates ChatGPT, the most well-known artificial intelligence (AI) technology in the world. However, according to analysts, Musk may not consider the unsolicited proposal a failure.
CEO Sam Altman’s intentions to turn OpenAI from a non-profit-controlled organisation to a for-profit business may still be complicated by the offer. According to Johnnie Penn, an associate teaching professor at the University of Cambridge, Musk is “basically trying to stymie OpenAI’s growth trajectory,” Penn told the BBC. Musk and a group of investors that included Hollywood superagent Ari Emanuel put forth an offer of $97.4 billion (£78.4 billion) for all of OpenAI’s assets last week.
Although it was a substantial amount, it was far less than the $157 billion the company was valued at in a capital round four months prior and significantly less than the $300 billion some believe it is currently worth.
OpenAI’s unique organisational structure, which combines for-profit and non-profit entities, makes all of this more difficult. It is believed that Mr. Altman wants to remove its non-profit board to modify that. Mr. Musk appears to be attempting to raise the costs associated with that.
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