- The CEO of OpenAI, Sam Altman, has rejected an offer by investors led by Elon Musk to acquire the company
- The investors reportedly bid $97.7 billion to acquire OpenA?I, the parent company of ChatGPT
- In response Altman rejected the bid, offering to acquire Elon Musk’s X (formerly Twitter) for $9.74 billion
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Sam Altman has rejected a reported bid by a group of investors led by Elon Musk to acquire OpenAI, the parent company of ChatGPT.
The $97.4 billion bid was submitted to the company’s board on Monday, February 10, 2025.
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OpenAI rejects Elon Musk’s offer
The Wall Street Journal report cited Musk’s lawyer, Marc Toberoff.
However, in response, Altman replied on Musk’s X that OpenAI would buy Twitter instead for 9.74 billion.
“No thank you but we will buy Twitter for $9.74 billion if you want,” Altman said.
The report said that the bid is supported by Musk’s AI startup, xAI, which could merge with OpenAI, had the deal sailed through.
Other investors wishing to acquire the popular AI firm include Valor Equity Partners, Baron Capital, Atreides Management, Vy Capital, and 8VC.
Elon Musk battles Sam Altman over OpenAI
The world’s richest man, Elon Musk and Altman has been feuding for years on the direction of the AI firm, with Musk criticising OpenAI for making a detour from the original goal of the firm, which was to operate as a not-for-profit organisation.
Reports say OpenAI seeks to transition from its nonprofit roots in 2015 to a for-profit company after getting billions of dollars in investments from Microsoft and others.
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Musk sued the company in August last year, calling OpenAI’s partnership with Microsoft a monopoly, actively seeking to eliminate the competition, such as xAI.
OpenAI’s multi-billion dollar investment
Microsoft’s multi-billion investment in OpenAI has raised concerns from the US Trade Commission that the tech company could extend its leadership in cloud computing into the AI market.
SoftBank, the Japanese investment company, is reportedly in talks to invest about $25 billion in OpenAI, with analysts saying it could eclipse all other stakes in the company.
Musk is in a heated legal battle with Altman as they founded OpenAI in 2015 as a nonprofit dedicated to AI research.
OpenAI has since become a leader in generative AI, launching ChapGPT in 2022, and setting a wave of investment in new AI tools and infrastructure.
Elon Musk announces job opportunity, Nigerians can apply
Legit.ng earlier reported that Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, announced plans to hire 'hardcore software engineers' to work for his social media company X (formerly Twitter), but there is a condition.
In a post on X, the billionaire said those interested in the role must be ready to send their best coding work.
He added that he is not interested in the educational qualification or the applicants' previous work role.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
