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Elon Musk-Led Group Makes $97 Billion Bid for Control of OpenAI

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Elon Musk and a consortium of investors have presented a $97.4 billion offer to acquire OpenAI’s nonprofit parent company, escalating tensions with OpenAI CEO Sam Altman. Musk’s bid comes as part of his ongoing efforts to prevent OpenAI from transitioning into a for-profit entity, which it claims is necessary to secure sufficient funding for advanced AI model development.

Background:

Musk co-founded OpenAI in 2015 alongside Altman, initially as a nonprofit organization. However, Musk departed from the company before it gained significant traction and later established a rival AI venture, xAI, in 2023. Recently, OpenAI has been working to convert into a for-profit company to attract the capital needed to remain competitive in the AI space.

Musk, known for his leadership at Tesla and his ownership of X (formerly Twitter), has strongly opposed this shift, arguing that it prioritizes profits over the public good. In a lawsuit filed in August 2023, Musk claimed that OpenAI’s move toward a for-profit model violated its original mission to develop AI for the benefit of humanity. He has since attempted to block this transition in court.

Musk’s Offer:

Musk’s $97.4 billion bid is designed to challenge OpenAI’s current direction and potentially block its move to for-profit status. His consortium includes his own startup xAI, Baron Capital Group, Emanuel Capital, and others. A merger between xAI and OpenAI has also been suggested as part of the deal.

While the offer has made headlines, OpenAI’s board, along with CEO Sam Altman, has firmly rejected the proposal. Altman communicated to staff that OpenAI is not for sale and has no interest in Musk’s bid, emphasizing that the company intends to proceed with its transition into a for-profit entity.

Financial Implications:

OpenAI was valued at $157 billion in its last funding round, cementing its position as one of the most valuable private companies globally. SoftBank is reportedly in talks to lead a funding round that could value OpenAI at $300 billion, including new capital. However, Musk’s offer, backed by prominent investors, adds complexity to OpenAI’s fundraising efforts and the conversion process.

Musk’s wealth, primarily tied to Tesla and SpaceX, could provide the financial backing for the deal, though it may require him to liquidate part of his holdings or take out loans against his assets.

Legal and Corporate Governance Concerns:

Jonathan Macey, a corporate governance expert, expressed concern that the bid could complicate OpenAI’s nonprofit status. OpenAI’s board is tasked with ensuring the company’s mission remains intact, and they may be legally obligated to consider Musk’s bid if it’s deemed to be in the best interest of the organization.

Analysts, including Gil Luria from D.A. Davidson, suggested that Musk’s offer could disrupt OpenAI’s current fundraising strategy and call into question any existing offers, such as the potential investment from SoftBank.

OpenAI’s Sam Altman Proposes Stargate-like AI Program for Europe

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OpenAI CEO Sam Altman expressed interest in creating a Stargate-like AI initiative for Europe, similar to the U.S. version backed by President Donald Trump. The U.S. venture, which includes major backers like OpenAI, Softbank, and Oracle, plans to invest up to $500 billion in AI infrastructure over the next five years. During a panel discussion at the Technical University of Berlin, Altman stated that his company would be eager to bring a similar program to Europe, but emphasized that Europeans should determine the rules and regulations for AI technology. Altman further stressed the importance of Europe embracing AI to stay competitive globally.

As part of OpenAI’s expansion in Europe, the company also announced plans to open a new office in Munich, Germany. Altman highlighted that this would enable OpenAI to help more individuals, businesses, and institutions harness the potential of AI. This new office follows the opening of OpenAI offices in Dublin and London in 2023 and plans for further expansion in Paris and Brussels in 2024. Altman is also set to attend an AI summit in Paris on Monday, which will be attended by European leaders and other officials.

OpenAI to Air First TV Commercial During 2025 Super Bowl

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OpenAI, the creator of ChatGPT, is set to debut its first-ever television commercial during the 2025 Super Bowl, according to a report by the Wall Street Journal. The Super Bowl, renowned for its massive audience and high-profile advertising opportunities, is an ideal platform for brands seeking widespread visibility. The event is expected to generate significant buzz, especially given the creative nature of Super Bowl ads.

This marks OpenAI’s first move into commercial advertising, following the footsteps of competitors like Google, which promoted its AI capabilities during last year’s Super Bowl. OpenAI, which did not immediately respond to a Reuters request for comment, has rapidly expanded its influence since launching ChatGPT in late 2022. The AI tool now boasts over 300 million weekly active users.

The 30-second ad slots for the 2025 Super Bowl have been priced as high as $8 million, up from around $7 million last year. The game will be held on February 9 at the Caesars Superdome in New Orleans, with an estimated viewership of 210 million.

OpenAI, which is partly owned by Microsoft, is in discussions to raise as much as $40 billion, placing its valuation at around $300 billion. The company also appointed its first chief marketing officer, Kate Rouch, in December 2024, signaling its growing emphasis on branding and public outreach.