Elon Musk and a group of investors made a surprise hostile bid for OpenAI’s operating assets earlier this week—offering $97.4 billion for the assets of the company in the latest development of the ongoing rivalry between Musk and OpenAI’s CEO, Sam Altman.
The details of the official offer were made public on Wednesday, when OpenAI’s lawyers submitted the four-page letter of intent in a court filing on Wednesday, revealing that Musk, who is the CEO of xAI, and a group of investors had set a May 10 deadline for the offer to be accepted or rejected and had requested “access to any assets, facilities, equipment, books, and records of the Company in connection with the Business.”
Elon Musk and the investors, which include 8VC, Vy Capital, and Valor Equity Partners, among others, said in the letter that they would pay $97.375 billion “in cash” for the operating assets of OpenAI.
OpenAI CEO Sam Altman rejected the offer in a social media post on Monday. OpenAI did not respond to an immediate request for comment.
You can read the full letter of intent below:
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