Elon Musk to withdraw OpenAI bid if board agrees to charity terms, lawyers say

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Tesla CEO Elon Musk will withdraw his $97.4 billion bid for OpenAI‘s non-profit arm if the ChatGPT maker does not become a for-profit entity, lawyers for Musk said in a court filing on Wednesday.

“If (the) OpenAI 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,” the filing said.

If not, “the charity must be compensated by what an arms-length buyer will pay for its assets.”

Musk’s “serious offer” was for the furtherance of the charity’s…



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Elon Musk to withdraw OpenAI bid if board agrees to charity terms, lawyers say


Tesla CEO Elon Musk will withdraw his $97.4 billion bid for OpenAI‘s non-profit arm if the ChatGPT maker does not become a for-profit entity, lawyers for Musk said in a court filing on Wednesday.

“If (the) OpenAI 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,” the filing said.

If not, “the charity must be compensated by what an arms-length buyer will pay for its assets.”

Musk’s “serious offer” was for the furtherance of the charity’s…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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