Maker of ChatGPT rebuffs consortium led by Tesla owner and rejects ‘latest attempt to disrupt his competition’
OpenAI on Friday rejected a $97.4bn bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale.
The unsolicited approach is Musk’s latest attempt to block the startup he co-founded with CEO Sam Altman – but later left – from becoming a for-profit firm, as it looks to secure more capital and stay ahead in the AI race.
Continue reading...Billionaire’s lawyers say offer will be withdrawn if firm he helped found a decade ago ‘preserves the charity’s mission’
Elon Musk says he will abandon his $97.4bn offer to buy the non-profit behind OpenAI if the ChatGPT maker drops its plan to convert into a for-profit company.
“If OpenAI, Inc’s 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,” lawyers for the billionaire said in a filing to a California court on Wednesday. “Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets.”
Continue reading...Donations, not restricted by campaign finance laws, come as industries seek favor with incoming administration
US business leaders are spending big on Donald Trump’s second inaugural fund, which is predicted to exceed even the record-setting $107m raised in 2017.
The donations, which are not restricted by campaign finance laws, come as industries and business leaders seek to curry favor with the incoming administration after the president-elect decisively won a second, non-consecutive term in November.
Continue reading...Reported move follows recent departure of senior figures from ChatGPT developer
OpenAI is reportedly pushing ahead with plans to become a for-profit company, as more senior figures left the ChatGPT developer after the surprise exit of its chief technology officer, Mira Murati.
The San Francisco-based startup is preparing to change its corporate structure as it seeks $6.5bn (£4.9bn) of new funding, according to reports.
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