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Musk Seeks Auction of OpenAI Stake Through State Attorneys General

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Elon Musk has asked the attorney generals of California and Delaware to facilitate an auction of OpenAI’s stake to establish the fair market value of its charitable assets during the company’s ongoing corporate restructuring. The request was made through a letter sent by Musk’s attorney, Marc Toberoff, on Tuesday, urging the states to implement a competitive bidding process to ensure the protection of public interests, as OpenAI works to distance its non-profit control.

Musk’s move comes amid OpenAI’s plans to convert into a public benefit corporation and separate its for-profit business from its charitable structure. OpenAI has stated that the valuation of its assets will be handled by independent financial advisors, despite Musk’s push for a more open bidding process.

Sam Altman, who co-founded OpenAI with Musk, helped propel the company into the limelight with the release of the ChatGPT AI tool in 2022. Backed by Microsoft, OpenAI was valued at $157 billion after raising $6.6 billion in investment. However, Musk, who owns the AI startup xAI, is challenging OpenAI’s conversion through legal means, arguing that it contradicts the original mission he had funded the company for. The court is expected to make a ruling later this month on Musk’s preliminary injunction.

In December, Delaware Attorney General Kathy Jennings filed an amicus brief, indicating her office’s scrutiny of OpenAI’s restructuring plans, while California’s Attorney General Rob Bonta has yet to make any public comments on the case. Musk’s legal efforts are supported by the AI safety group Encode, which has joined the push to block the transition, raising concerns about potential fiduciary violations.

 

Titanic Passenger’s Final Postcard to Be Auctioned, Offering Poignant Glimpse Into History

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A rare postcard penned by Richard William Smith, a first-class passenger aboard the Titanic, is set to go up for auction later this month. This moving piece of history, dated April 11, 1912, marks one of the last correspondences written by Smith, a British businessman, just days before the ill-fated ship struck an iceberg and sank, claiming the lives of around 1,500 passengers, including his own.

The postcard, addressed to Mrs. Olive Dakin in Norwich, England, is postmarked at 3:45 p.m. on the day the Titanic made a brief stop in Queenstown, Ireland (now Cobh), en route from Southampton to New York. Smith, who was traveling to America on business, wrote, “Have had a fine run around to Queenstown. Just leaving for the land of stars and stripes.” He signed off with, “Hope you are all quite well at home. Kindest regards, R.W.S.”

Smith entrusted the postcard to a family friend, Mrs. Nicholls, who disembarked in Queenstown, likely posting it on his behalf. This final memento is considered especially rare due to its Cork postmark, the nearest major city to Queenstown.

Andrew Aldridge, managing director of Henry Aldridge & Son, a UK auction house known for Titanic memorabilia, emphasized the postcard’s historical significance, describing it as “a powerful and poignant object.” He explained that while Titanic postcards are naturally rare, this specific artifact captures a moment of anticipation and innocence just days before the ship’s tragic demise.

The postcard is anticipated to sell for up to £10,000 ($12,900) in the “Titanic, White Star and Transport Memorabilia” auction on November 16. This auction is one of two annual events held by Henry Aldridge & Son, based in Devizes, England. In a prior sale in April, the auction house set a record for Titanic memorabilia when it sold a gold watch belonging to John Jacob Astor IV, the wealthiest passenger on board, for £1.175 million ($1.51 million)—ten times its initial estimate.

This postcard offers collectors a deeply personal piece of Titanic history, preserving Smith’s excitement and unwitting farewell before the ship met its tragic fate.

Rare Magritte Painting Expected to Set Auction Record at $95 Million

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A rare masterpiece from René Magritte’s renowned L’empire des lumières series is anticipated to break auction records at Christie’s New York this fall. The 1954 painting, part of a 27-work series where Magritte juxtaposes a sunlit sky with a darkened street scene, is estimated to sell for over $95 million. If it reaches this price, it will surpass the Surrealist artist’s previous auction record and mark a significant success for the auction house amid an industry-wide dip in sales.

The painting is part of the estate of Mica Ertegun, an esteemed interior designer and widow of Atlantic Records co-founder Ahmet Ertegun, a notable art collector. The sale will feature additional works from her collection, including pieces by Joan Miró, David Hockney, and a Polaroid portrait of Ertegun by Andy Warhol.

Max Carter, Christie’s vice chairman for 20th and 21st century art, praised the work as “arguably the finest” in the L’empire des lumières series, lauding its “balance and restraint.” He added that it reflects Ertegun’s own aesthetic vision.

The dedicated evening sale of Ertegun’s collection will take place on November 19 in New York, followed by daytime and online auctions. Proceeds from the sale will go toward various philanthropic causes that Ertegun supported, including Oxford University’s Graduate Scholarship Programme in the Humanities, Jazz at Lincoln Center, and the World Monuments Fund.

Christie’s has reported a 22% decline in sales for the first half of 2024 compared to the same period in 2023, but the auction house remains optimistic. The sale of this Magritte work, along with other high-profile lots, could provide a much-needed boost to Christie’s revenue.