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Elon Musk-led group makes nearly $100 billion bid for OpenAI: Here is what we know

MM News Staff by MM News Staff
February 11, 2025
Musk was a co-founder of OpenAI but left the company in 2019 and started his own AI company called xAI. Composite: Carlos Barría/Reuters; REX/Shutterstock

Musk was a co-founder of OpenAI but left the company in 2019 and started his own AI company called xAI. Composite: Carlos Barría/Reuters; REX/Shutterstock

Sam Altman, the chief executive of OpenAI – the maker of ChatGPT – has rejected Elon Musk bid to take over the firm after a consortium led by the Tesla owner offered $97.4 billion to buy the nonprofit that controls OpenAI.

Musk cofounded OpenAI with Altman in 2015 as a nonprofit, but left before the company took off. He founded the competing AI startup xAI in 2023.

Musk, the CEO of Tesla (TSLA.O) and owner of tech and social media company X, is a close ally of President Donald Trump.

It should be noted that OpenAI is trying to transition into a for-profit from a nonprofit entity, which it says is required to secure the capital needed for developing the best AI models.

Also read: What to know about Chinese AI startup DeepSeek

In response to the bid, Altman posted on Musk’s social media platform X: “no thank you but we will buy twitter for $9.74 billion if you want”.

His rejection of the bid does not necessarily mean the proposed take over is dead.

The offer tabled at $97.4bn is much lower than the $157bn the company was valued at in its latest funding round in October last year. Talks over a further funding round reportedly value it now at $300bn.

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