(Bloomberg) -The Board of Directors of Openai has formally rejected a proposal by a group of investors led by Elon Musk to buy the di -Standing that manages the artificial intelligence company for $ 97.4 billion.
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“Openai is not for sale, and the board has unanimously rejected Mr Musk's latest attempt to disturb his competition,” said Bret Taylor, Chairman of Openai, in a Friday statement on behalf of the Board.
Musk, who co-founded Openai a decade ago, enrolled before going on to launch a competitive AI startup, a group of rich allies for a spontaneous cash bid to buy non-profit assets. Other supporters of the proposal included Valor Equity Partners, Baron Capital, Atreides Management, Vy Capital, 8vc and Ari Emanuel Joe Lonsdale, through its investment fund. Musk said he hoped to return Openai to be “the open source force, which focuses on safety for goodness at one time.”
The proposal was quickly reprimanded earlier this week by Openai CEO Sam Altman, who called it a tactic by a competitor to our “slowdown” and emphasized that the company is “not for sale.” Andrew Nussbaum, Counsel for Openai Board, also said previously in a statement that Openai was not looking to sell and emphasize that “the directors' only duty” fulfills the company's mission to build more powerful, theoretical AI systems called a general artificial name Artificial intelligence (AGI) which benefits humanity. “Respectfully,” he said, “it is not for a competitor to decide what is in the best interests of Openai's mission.”
Marc Tooboff, a lawyer representing the Investment Consortium led by Musk, said that rejecting the board from the application was “no surprise” because Altman and Taylor made a shooting down the application before the board it Review.
“Of course they put the charity's assets (management of the enterprise for profit) for sale. That's the essence of their “regeneration”. They sell it to themselves in a fraction of what Musk has offered, ”tooboff said on Friday in a statement. “Will someone explain how that benefits 'all humanity'?”
Musk has repeatedly tried to spin Openai's plans to restructure as a more conventional for profit business. The billionaire filed two legal cases against Openai because he allegedly wandered from his establishment principles and asked a court to prevent the efforts of restructuring ChatGpt manufacturer. A judge recently said she was reluctant to issue such an order immediately in a case setting “billionaire against billionaire.”