Elon Musk will withdraw bid for OpenAI's nonprofit if its board agrees to terms
A lawyer for Elon Musk said the billionaire will withdraw his bid for OpenAI's nonprofit if OpenAI's board of directors agree to terms.
In a court filing on Wednesday, a lawyer for Elon Musk said the billionaire will withdraw his $97.4 billion bid for OpenAI’s nonprofit if the ChatGPT maker’s board of directors “preserve the charity’s mission” and halt the company’s conversion to a for-profit.
The filing, submitted to the U.S. District Court for the Northern District of California, claims that Musk’s offer to buy OpenAI’s nonprofit is “serious,” and that the nonprofit “must be compensated by what an arms-length buyer will pay for its assets.”
“Should […] the charity’s assets proceed to sale, a Musk-led consortium has submitted a serious offer […] that would go to the charity in furtherance of its mission,” the filing reads. “[However, if] OpenAI, Inc.’s 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.”