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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.

 

Tesla Plans Robotaxi Launch Backed by Human Teleoperators, Says Deutsche Bank

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Tesla Inc. (TSLA.O) is planning to debut its robotaxi service in California and Texas next year, supported by human teleoperators for added safety and redundancy, according to a report by Deutsche Bank. The update followed a meeting with Tesla’s head of investor relations, Travis Axelrod, and was published in a note on Friday.

Key Highlights

  • Robotaxi Service: Tesla intends to use a company-owned fleet for the initial phase of its robotaxi operations. The vehicles will be monitored by human teleoperators to ensure safety during the early rollout phase.
  • Ride-Hailing Platform: The service will rely on Tesla’s proprietary ride-hail app, currently under development.
  • Launch Timeline: Tesla continues to target the first half of 2024 for the launch of its highly anticipated lower-cost vehicle, with additional models expected later in the year.

Deutsche Bank’s Analysis

Deutsche Bank noted that Tesla is focusing on maintaining safety during the early stages of the service. “Management believes it would be reasonable to assume some type of teleoperator would be needed at least initially,” the bank stated.

The automaker’s robotaxi service goal for 2024 aligns with its broader strategy to expand its autonomous vehicle capabilities and disrupt the ride-hailing market.

Stock Market Impact

Deutsche Bank raised its price target for Tesla shares from $295 to $370, reflecting optimism over the company’s advancements in autonomous technology and forthcoming product launches. Despite this, Tesla’s shares were trading down nearly 1% at $386.04 on Monday.

Looking Ahead

With its focus on safety and redundancy, Tesla’s planned robotaxi service could reshape the ride-hailing industry if successfully implemented. However, challenges related to regulatory approvals, technology reliability, and market competition may impact its rollout and adoption.

Californians Flee Homes as Raging Wildfire Devastates Ventura County

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As wildfires rage across California, residents in Ventura County are desperately fleeing their homes, with some barely managing to escape the inferno.

Terrie Morin, 60, was at the barber shop when she learned that a wildfire was heading toward her Camarillo home. She rushed home to warn her guests, who were asleep and unaware of the approaching danger. In a frantic effort, Morin managed to get her husband, their guests, and the family dog out of the house before the fire overtook the area. “It was so hot,” she recalled, describing the intense heat as the fire spread.

The Mountain Fire, which ignited early Wednesday morning, has burned through more than 20,485 acres in Ventura County. Fueled by winds gusting over 60 mph, the blaze prompted more than 14,000 evacuation notices. By Thursday, at least 132 homes had been destroyed, and another 88 were damaged. The Ventura County Fire Department has deployed ten damage inspection teams to assess the extent of the destruction.

Morin’s quick escape was only possible after she grabbed essential items like her husband’s diabetes medication and her laptop. Unfortunately, many treasured possessions, such as keepsakes and clothes, were left behind. The family escaped through thick smoke, with Morin taking the wheel to navigate the smoke-filled roads.

While some residents evacuated willingly, others chose to stay behind to protect their homes. Fire officials warned against this, highlighting the difficulty of defending a property once the fire has taken hold. “People have the best intentions to stay and defend their home right up until the time the fire hits,” said Ventura County Fire Chief Dustin Gardner.

Steven Snyder, a resident whose fireproofed home withstood the blaze, chose to remain behind, as fire personnel advised him and his family to stay put. Despite the power being out, the family was able to share food and water with firefighting crews, while watching the surrounding land burn.

Firefighting efforts, which included helicopter water drops, have brought the fire to 5% containment. The spread of the fire has slowed as winds have decreased and humidity levels are expected to rise, improving conditions by the weekend.

The cause of the Mountain Fire remains under investigation, though officials are exploring the possibility that power lines may have played a role. As a precaution, Southern California Edison shut off power to nearly 70,000 customers in affected areas to prevent further risks.

The Mountain Fire marks a troubling reminder of California’s heightened wildfire risks during the fall, when dry, windy conditions fuel rapid spread. Experts warn that such extreme wildfire events may become more common as global temperatures rise.