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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.

 

OpenAI Calls for U.S. Investment and Regulation to Maintain AI Leadership Over China

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OpenAI released its “Economic Blueprint” on Monday, emphasizing the need for the U.S. to attract investment and implement strategic regulations to retain its dominance in artificial intelligence (AI) as competition with China intensifies. The 15-page document outlined essential steps for the U.S. to secure its position, highlighting the importance of chips, data, and energy as critical components in the global AI race.

The release of this vision comes just ahead of President-elect Donald Trump taking office, whose administration is anticipated to be more supportive of the tech sector. David Sacks, a former PayPal executive, is expected to play a key role as the administration’s AI and crypto policy lead. OpenAI CEO Sam Altman, who donated approximately $1 million to Trump’s inaugural fund, joins other industry leaders in seeking to establish closer ties with the new administration.

Calls for Investment and Regulation

OpenAI warned that an estimated $175 billion in global funds is poised for investment in AI projects, stressing that the U.S. must act swiftly to attract these resources. “If the U.S. doesn’t secure these funds, they will flow to China-backed projects, strengthening the Chinese Communist Party’s global influence,” the blueprint stated.

The company also proposed export controls on advanced AI models to prevent their misuse by adversarial nations. This move aligns with growing concerns about how AI technologies could be weaponized or otherwise used to undermine global stability.

Washington Push and Funding Strategy

OpenAI plans to host an event in Washington, D.C., later this month to further discuss its recommendations and rally support for its initiatives. This advocacy comes as the Microsoft-backed startup aims to expand its funding base. OpenAI raised $6.6 billion last year and is looking to convert into a for-profit business model to sustain its growth in the increasingly competitive and costly AI sector.

As part of its vision, OpenAI urged the U.S. to establish a national framework for AI regulation, which would balance innovation with security concerns. Such a framework would also help cement the U.S.’s leadership in shaping global AI standards.

 

OpenAI Pushes Back Against Musk’s Attempt to Block For-Profit Conversion

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OpenAI has asked a federal judge in California to reject Elon Musk’s attempt to block the company’s conversion to a for-profit entity. In a court filing on Friday, OpenAI argued that Musk, one of its co-founders, initially supported the move toward a for-profit structure before leaving the company due to disagreements over control and equity stake.

To bolster its case, OpenAI released a series of emails and text messages involving Musk, which it claims demonstrate that he was in favor of the company’s for-profit status. Musk, however, has since launched his own artificial intelligence firm, xAI, and filed a lawsuit against OpenAI in August, accusing the company of prioritizing profits over public benefit in its drive to advance AI.

Musk’s lawsuit also claims that OpenAI’s actions are anticompetitive, alleging that the company is working to monopolize the generative AI market and sideline rivals. He sought a preliminary injunction in November, asking U.S. District Judge Yvonne Gonzalez Rogers to block the conversion to a for-profit company, arguing that it violated contract provisions.

In response, OpenAI argued that Musk’s request is based on “unsupported allegations” and that he should focus on competing in the marketplace rather than through litigation. OpenAI also denied any conspiracy to restrain competition, emphasizing that it operates independently from Microsoft, which has heavily invested in the company.

Microsoft, in a separate filing, reaffirmed that it and OpenAI are independent entities that compete with each other and other companies, fueling innovation in the AI sector.

OpenAI, originally founded as a nonprofit in 2014, has become a major player in generative AI, with substantial backing from Microsoft. In October, OpenAI raised $6.6 billion in funding, boosting its valuation to $157 billion. Musk’s xAI, launched earlier this year, raised about $6 billion in equity financing.

The planned restructuring of OpenAI will transition it into a for-profit benefit corporation, with the nonprofit holding a minority stake in the new entity. Judge Rogers is scheduled to hear arguments for Musk’s injunction on January 14.