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Elon Musk-Led Consortium Offers $97.4 Billion for OpenAI [Report]
A consortium led by Elon Musk has submitted an unsolicited offer of $97.4 billion to acquire the nonprofit arm that governs OpenAI, according to a new report from the WSJ. The move intensifies Musk's ongoing dispute with CEO Sam Altman over the organization's future.OpenAI was established in 2015 as a nonprofit initiative by Musk and Altman. In 2019, after Musk's departure and Altman's rise to leadership, OpenAI created a for-profit subsidiary to attract major investments, including support from Microsoft. Currently, Altman is orchestrating a transformation: the for-profit arm is being molded into a traditional corporation, while the original nonprofit is set to be spun out as an equity holder in the new company. A central challenge in this restructuring is determining the proper valuation of the nonprofit—a question that Musk's staggering bid puts the spotlight on.Marc Toberoff, Musk's attorney, formally presented the bid to OpenAI's board earlier this week. In his statement, Musk stressed the need to return to OpenAI's original mission, emphasizing that it should once again become "an open-source, safety-focused force for good." The offer implies not only a high valuation for the nonprofit but also the potential for Musk—or his chosen partners—to secure significant influence over the future direction of the company.Continue ReadingSpotlight Deal:New Apple iPad mini 7 On Sale for $399! [Lowest Price Ever]Share Article:Facebook, Twitter, LinkedIn, Reddit, EmailFollow iClarified:Facebook, Twitter, LinkedIn, Newsletter, App Store, YouTube
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A consortium led by Elon Musk has submitted an unsolicited offer of $97.4 billion to acquire the nonprofit arm that governs OpenAI, according to a new report from the WSJ. The move intensifies Musk's ongoing dispute with CEO Sam Altman over the organization's future.
OpenAI was established in 2015 as a nonprofit initiative by Musk and Altman. In 2019, after Musk's departure and Altman's rise to leadership, OpenAI created a for-profit subsidiary to attract major investments, including support from Microsoft. Currently, Altman is orchestrating a transformation: the for-profit arm is being molded into a traditional corporation, while the original nonprofit is set to be spun out as an equity holder in the new company. A central challenge in this restructuring is determining the proper valuation of the nonprofit—a question that Musk's staggering bid puts the spotlight on.
Marc Toberoff, Musk's attorney, formally presented the bid to OpenAI's board earlier this week. In his statement, Musk stressed the need to return to OpenAI's original mission, emphasizing that it should once again become "an open-source, safety-focused force for good." The offer implies not only a high valuation for the nonprofit but also the potential for Musk—or his chosen partners—to secure significant influence over the future direction of the company.
Continue Reading
Spotlight Deal:
New Apple iPad mini 7 On Sale for $399! [Lowest Price Ever]
Share Article:
Facebook, Twitter, LinkedIn, Reddit, Email
Follow iClarified:
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OpenAI was established in 2015 as a nonprofit initiative by Musk and Altman. In 2019, after Musk's departure and Altman's rise to leadership, OpenAI created a for-profit subsidiary to attract major investments, including support from Microsoft. Currently, Altman is orchestrating a transformation: the for-profit arm is being molded into a traditional corporation, while the original nonprofit is set to be spun out as an equity holder in the new company. A central challenge in this restructuring is determining the proper valuation of the nonprofit—a question that Musk's staggering bid puts the spotlight on.
Marc Toberoff, Musk's attorney, formally presented the bid to OpenAI's board earlier this week. In his statement, Musk stressed the need to return to OpenAI's original mission, emphasizing that it should once again become "an open-source, safety-focused force for good." The offer implies not only a high valuation for the nonprofit but also the potential for Musk—or his chosen partners—to secure significant influence over the future direction of the company.
Continue Reading
Spotlight Deal:
New Apple iPad mini 7 On Sale for $399! [Lowest Price Ever]
Share Article:
Facebook, Twitter, LinkedIn, Reddit, Email
Follow iClarified:
Facebook, Twitter, LinkedIn, Newsletter, App Store, YouTube
