Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Monday, the richest person in the world, Elon Kasturi, Offer For non -profit purchases that effectively operate the opeina for $ 97.4 billion in $ 97.4 billion. The irrational bayout will be funded by the AI Organization of Kastur and a consortium Outside investorsTowards a letter sent to the Attorney General of California and Delaware.
OpenAI’s CEO Sam Altman FasterAnd it was publicly taken as an opportunity to sink on him.
“Don’t thank you, but if you want we will buy Twitter for $ 9.74 billion,” wrote at Ultman X posts A few hours after the report was published on the offer of musk for the opening. Owner of Kasturi X, the social network is previously known as Twitter; He paid about $ 44 billion for this in October 2022.
Both have a history. Kasturi is an OpenAI co-founder, and both he and Jai are currently involved in a case that the Open is also involved in anticipative behavior among other issues.
However, Ultman’s rejection is a .4 97.4 billion dollar techover offer is more complicated than just saying “not thanks”, according to experts in the corporate administration.
Opene
For the background, Openai was established as a non-profit before transferring a “capped-profit” structure in 2019. The non-profit-profit opener is the only controlling shareholder of the corporation, which maintains the responsibility of formal loyalty for the non-profit charter.
OpenAI is now under process of reconstruction-now to a Traditional-based profitable company, especially a public benefit corporation to increase its capital. However musk – who In legal disturbance – This transformation suspends and the non -profit price of the Openai has increased with its bid.
Delaware And CaliforniaIts Attorney General has requested more information from the creator to the creator about the plan to convert a profitable benefit corporation. The situation forces the outside bid to be taken seriously.
OpenAI’s board will Almost certainly reject bidsHowever, the musk is setting the stage for the legal and regulatory war of the future. He is already trying to stall the transformation of the profit of the opening Through an orderFor example. The bid seems to be present as an alternative offer.
Now, the OpenAI board has to prove that non -profit resources, including OpenAI -owned research, do not undertake the non -profit of the Openi by transferring non -profit assets to any internal (such as Sam Altman) for a steep discount.
In an interview to TechCrunch, Stephen Diamond, a lawyer representing the opposition of the musk in the corporate administration’s fight in Tesla, said, “A spanner is throwing a spanner at musk work. “He is using the non -profit board’s trusted obligation not to undergo the wealth. [Musk’s bid] Open is something to pay attention to this. “
Open AE is reported to be preparing for a fund round Give the price of its profit for $ 260 billionThe The information report Openea is ready to gain 25% of the non -profit OpenThe
With his bid, the musk has at least indicated there A group of investors Willing to provide a huge premium for the Openei’s non -profit wing. It keeps the board of directors in a tight place.
Rejection
Nevertheless, only the musk has thrown the eye popping offer does not mean that the opener needs to be accepted.
According to David Yosifon, a professor at Santa Clara University of the Corporate Law Corporate Governance Act, give extraordinary authority to the arrival boards to protect them from irrational techover bids.
Opena can make the case that Kasturi bid is an adverse techover attempt that Kasturi and Ultman Friends are not the bestThe
The company may also argue that the offer of musk is not credible because the Open is already in the middle of the corporate restructuring process.
OpenAI can take another approach whether he has funds to be challenging. As New York Times NoteThe wealth of the musk is largely bound with his Tesla stock, which means it Musk Total $ 97.4 billion dollars must be provided.
According to the former General Council Council of the Clinton Foundation Scott Karan, the Openai Board may need to review the mask offer for the donkey, not just a specific financial or strategic goal, but also the non -profit mission. This means that the offer of musk against the opeina mission can be weighing: “Artificial common intelligence – AI systems that are usually smarter than humans – benefit all humanity to ensure that.”
“When Ultman posted that response [on X]It was probably done without legal direction, “Yosifon said.” This type of dismissal, knee-jerk tweet is not good for a regulator. “
Expand the value for openAI
The board may probably be with Ultman. Almost all the directors joined after Altman was briefly dismissedIn RehabilitatedBy the non -profit board at the end of 2023. Ultman himself is a member of a board.
If nothing else, the bid of the musk can increase the potential market value of non -profit assets. It can force the opeina to increase the capital more than expected and complicate the discussion with existing supporters in the startup. It can also reduce the value of partners kept by OpenAI investors in a profitable arm with a major partner like Microsoft.
It is certainly sure that Ultman, who has been working with investors for several months to determine how to compensate non -profit, is certain.
Gist is: Corporate reconstruction plans of Openai have become more complicated.
