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How Musk’s $97.4B bid could gum up OpenAI’s for-profit conversion
Elon Musk submitted a $97.4 billion bid for OpenAI's nonprofit arm. It's likely to be rejected — but it could complicate OpenAI's efforts to convert to a for-profit.
The unsolicited buyout would be financed by Musk’s AI company, xAI, and a consortium of outside investors, per a letter sent to California and Delaware’s attorneys general. OpenAI is now in the process of restructuring – this time to a traditional for-profit company, specifically a public benefit corporation – in a bid to raise much more capital. OpenAI’s board may need to review Musk’s offer to fully asses whether it aligns with the nonprofit’s mission, not just specific financial or strategic goals, according to Scott Curran, the former General Counsel to the Clinton Foundation.
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