A group led by Tesla co-Founder and CEO Elon Musk has reportedly made a bid for Artificial Intelligence (AI) giant OpenAI. As reported by the Wall Street Journal (WSJ), the group is offering $97.4 billion for complete control of the ChatGPT maker.
The Elon Musk Bid for OpenAI: Toned Down Valuation?
According to the Wall Street Journal report, Marc Toberoff, the lawyer representing Elon Musk has submitted the bid to the OpenAI board. The goal of the $97.4 billion offer is to return the non-profit controlling OpenAI to its roots. This include its reset to operate as an “open-source, safety-focused force for good.”
While not unexpected, this offer is a strategic shift from the legal feud between Sam Altman, OpenAI CEO and Elon Musk. Recall that the Tesla CEO has always criticized Sam Altman for pushing the AI firm to become a for-profit entity.
Notably, the $97.4 billion bid is a smaller amount compared to a projected valuation of $340 billion for OpenAI. While it remains uncertain how the board will react to the bid, if approved, it will mark the major acquisition led by Elon Musk since the $44 billion acquisition of X, formerly Twitter Inc.
This is a developing story, please check back for updates!!
The post Elon Musk-Led Group Makes $97.4 Billion Bid to Take Over OpenAI: WSJ appeared first on CoinGape.
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