Musk’s consortium, which includes VCs like Joe Lonsdale’s 8VC and SpaceX investor Vy Capital, is offering exactly $97.375 billion to buy out OpenAI, and says in the letter 100% of the purchase price “would be paid in cash.”

Billionaire Elon Musk's bid to buy OpenAI, which wants to be a for-profit entity, clashes with his lawsuit arguing that assets of the ChatGPT maker should not be for private gain, OpenAI wrote in a letter it submitted to a federal court on Wednesday.

A lawyer for Elon Musk said the billionaire will withdraw his bid for OpenAI's nonprofit if OpenAI's board of directors agree to terms.

In a court filing on Wednesday, the company said Mr. Musk’s bid contradicted legal claims the billionaire made in a lawsuit he brought against OpenAI last year. OpenAI argued in its filing that Mr. Musk said in his lawsuit the assets must remain with the nonprofit and could not be transferred to another entity for public gain.

Last March, Musk filed a lawsuit claiming OpenAI, a global leader in artificial intelligence innovation which has developed the ChatGPT chatbot, DALL-E image generator and other advanced AI-driven tools, breached promises made in its founding documents and prioritizes profit motive over serving the public good.

Musk’s request to block OpenAI’s conversion is the latest move in a grudge match between the world's richest person and OpenAI CEO Sam Altman.

Musk’s takeover attempt is the latest twist in an escalating battle between the billionaire and the AI firm he co-founded in 2015. His lawsuit, filed last August, argues that OpenAI is violating its o

This maxim guides potentially trillions of dollars of capital, investor glee and pain, and the clout of OpenAI boss Sam Altman and his nemesis Elon Musk. Their years-long feud cranked up on Monday, when the Tesla (TSLA.

A recent report revealed that a consortium led by Elon Musk had placed a $97.4 billion bid on OpenAI. According to OpenAI’s CEO Sam Altman, it seems that the company has no intention of entertaining the bid.