{"id":8390,"date":"2025-02-11T06:20:10","date_gmt":"2025-02-11T06:20:10","guid":{"rendered":"https:\/\/diamondtvzambia.com\/?p=8390"},"modified":"2025-02-11T06:20:10","modified_gmt":"2025-02-11T06:20:10","slug":"musk-led-group-makes-97-4bn-bid-for-chatgpt-maker-openai","status":"publish","type":"post","link":"https:\/\/diamondtvzambia.com\/staging\/7839\/musk-led-group-makes-97-4bn-bid-for-chatgpt-maker-openai\/","title":{"rendered":"MUSK-LED GROUP MAKES $97.4BN BID FOR CHATGPT MAKER OPENAI"},"content":{"rendered":"\n<p class=\"\">A consortium of investors led by Elon Musk offered $97.4bn to take over OpenAI, the maker of ChatGPT.<\/p>\n\n\n\n<p class=\"\"><a><\/a>The billionaire&#8217;s attorney, Marc Toberoff, confirmed he submitted the bid for &#8220;all assets&#8221; of the tech company to its board on Monday.<\/p>\n\n\n\n<p class=\"\">The offer is the latest twist in a longstanding battle between Musk, the world&#8217;s richest man and right hand to US President Donald Trump, and Open AI chief executive Sam Altman over the future of the start-up at the centre of the AI boom.<\/p>\n\n\n\n<p class=\"\">In response to the bid, Altman posted on Musk&#8217;s social media platform X: &#8220;no thank you but we will buy twitter for $9.74 billion if you want.&#8221;<\/p>\n\n\n\n<p class=\"\">OpenAI is widely credited with helping bring artificial intelligence tools into the mainstream and sparking huge investment in the sector.<\/p>\n\n\n\n<p class=\"\">Musk and Altman co-founded the start-up in 2015 as a non-profit company, but the relationship has soured since the Tesla and X boss departed the firm in 2018.<\/p>\n\n\n\n<p class=\"\">Altman is said to be restructuring the company to become a for-profit entity, stripping it of its non-profit board &#8211; a move Musk argues means the company has abandoned its founding mission of developing AI for the benefit of humanity.<\/p>\n\n\n\n<p class=\"\">But OpenAI argues its transition into a for-profit firm is required to secure the money needed for developing the best artificial intelligence models.<\/p>\n\n\n\n<p class=\"\">The bid to take over OpenAI bid is being backed by Musk&#8217;s AI company xAI, as well as several private equity firms, including Baron Capital Group and Valor Management.<\/p>\n\n\n\n<p class=\"\">&#8220;It&#8217;s time for OpenAI to return to the open-source, safety-focused force for good it once was. We will make sure that happens,&#8221; Musk said in a statement.<\/p>\n\n\n\n<p class=\"\">The offer tabled at $97.4bn is much lower than the $157bn the company was valued at in its latest funding round in October last year. Talks over a further funding round reportedly value it now at $300bn.<\/p>\n\n\n\n<p class=\"\">In a statement, Mr Toberoff said the consortium would be &#8220;prepared to consider matching or exceeding&#8221; any potential higher bid.<\/p>\n\n\n\n<p class=\"\">&#8220;As the co-founder of OpenAI and the most innovative and successful tech industry leader in history, Musk is the person best positioned to protect and grow OpenAI&#8217;s technology,&#8221; Musk&#8217;s attorney added on his behalf and other investors.<\/p>\n\n\n\n<p class=\"\">The creator of ChatGPT is also teaming up with another US tech giant, Oracle, along with a Japanese investment firm and an Emirati sovereign wealth fund to build $500bn of artificial intelligence infrastructure in the US.<\/p>\n\n\n\n<p class=\"\">The new company, called The Stargate Project, was announced at the White House by President Donald Trump who billed it &#8220;the largest AI infrastructure project by far in history&#8221; and said it would help keep &#8220;the future of technology&#8221; in the US.<\/p>\n\n\n\n<p class=\"\">Musk, despite being a top advisor to Trump, has claimed the venture does not &#8220;actually have the money&#8221; it has pledged to invest, though he has also not provided any details or substantiation for the comments. [BBC News]\n","protected":false},"excerpt":{"rendered":"<p>A consortium of investors led by Elon Musk offered $97.4bn to take over OpenAI, the maker of ChatGPT. The billionaire&#8217;s attorney, Marc Toberoff, confirmed he submitted the bid for &#8220;all assets&#8221; of the tech company to its board on Monday. The offer is the latest twist in a longstanding battle between Musk, the world&#8217;s richest &hellip;<\/p>\n","protected":false},"author":2,"featured_media":8392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","content-type":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[20,21],"tags":[],"class_list":["post-8390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-world"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MUSK-LED GROUP MAKES $97.4BN BID FOR CHATGPT MAKER 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