A consortium of investors led by X.AI of Elon Musk offered to buy OpenAI for $ 97.4 billion this week. The OpenAi CEO, Sam Altman, has dismissed the proposal, which would boost Openai’s planned conversion of a non -profit organization, something that Musk tries to block in a lawsuit.
Altman’s lawyers argued in a presentation on Wednesday that Musk cannot have it both ways: try to buy OpenAi assets and also try to avoid changing their non -profit state. Musk’s team replied that he would withdraw the offer if Operai ceased his attempts to become a non -profit organization.
Meanwhile, as part of these presentations, the complete Letter of intention From the Musk team to buy Openai, it was made public.
Here are five key details that we learned from that letter and other legal presentations to shed light on this ongoing and quite messy dispute.
Clear Deadline Set
The unre requested offer of the Musk group comes with a specific expiration date: May 10, 2025. There are exceptions on the deadline if the agreement is ended beforehand, both parties agree to finish the discussions or OpenAi formally rejects the offer in writing .
Despite Altman’s public layoffs, including a joke counteroffie To buy X for a tenth of the price, the Openai Board has not formally rejected the offer, since boards are generally required to legally evaluate such offers, including competitors.
Transaction of all times
The Musk consortium, which includes VC as the 8VC inverter and Spacex by Joe Lonsdale, Vy Capital, offers exactly $ 97,375 billion to buy OpenAI, and says that in the letter of the price of the purchase price “it would be paid in cash.”
This is remarkable since Musk has not moved away from using the debt in the past, borrowing $ 13 billion banks to buy Twitter (now x) in 2022. Its net assets has increased substantially since then, Floating around $ 400 billionAccording to some estimates, from the choice of his new ally Donald Trump.
However, the letter appoints seven investors, including the company of the AI of Musk, X.Ai, as well as “others” without name, which means that Musk is not using his personal fortune to finance this.
Full access to books and staff
Before bifurizing especially that cash, buyers want to examine Openai’s financial and commercial records, along with access to OpenAi staff for interviews. That means everything, from “assets, facilities, equipment, books and records”, according to The letter.
While this is a normal part of due diligence, especially for an offer as large as $ 97.4 billion, this could also give access to the X.AI, an OpenAI competitor, to the internal confidential information. And once they have seen everything, their diligence could also provide them with a reason to withdraw their offer.
The supply could undermine Musk’s demand
The offer of $ 97.4 billion to acquire Operai contradicts Musk’s legal claims that startup assets cannot be “transferred” for “private”, Operai lawyers argued in a judicial presentation in the demand on Wednesday.
Operai suggested that the offer is not serious, but “an incorrect offer to undermine a competitor.” However, the Musk consortium says that its offer is really “serious” and that its cash would go to the non -profit organization of OpenII to promote its mission.
Musk can be withdrawn if Openai remains a non -profit organization
The Musk legal team says that it will leave its commitment to acquire OpenAI if the Board undertakes to keep it as a non -profit organization, according to a presentation of the court on Wednesday.
The presentation argues that Musk’s purchase offer is genuine, stating that the non -profit organization should receive a fair market value for its assets based on what an independent buyer would pay.
This seems to validate what some experts have alleged: that the offer intended to increase the price that Altman would have to pay to take the company in private.
In statementThe lawyer who represents the Openai Board said that Musk’s offer “does not establish a value to [OpenAI’s] Non -profit “and that the non -profit organization” is not on sale. “
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