Elon Musk-Led Investors Offer $97.4 Billion to Buy OpenAI
Elon Musk is leading a group of investors in a potential $97.4 billion purchase of the nonprofit that controls OpenAI, Wall Street Journal reports. Musk is looking to acquire control of the AI powerhouse from Sam Altman, adding heat to their rivalry surrounding OpenAI’s ChatGPT. Elon Musk’s attorney, Marc Toberoff, said he submitted the bid to OpenAI’s board of directors Monday.
JUST IN: Elon Musk-led group offers $97.4 billion to buy the nonprofit controlling OpenAI, WSJ reports.
— Watcher.Guru (@WatcherGuru) February 10, 2025
OpenAI CEO Sam Altman was previously looking to transform the company into a for-profit after returning to his post late last year. However, the unsolicited offer throws a wrench in those plans. Since the two co-founded OpenAI in 2015, Musk and Altman have gone back and forth over the company’s future. Musk has gone as far as to ban OpenAI and ChatGPT from devices within the headquarters of his companies. Additionally, the Tesla founder’s xAI project is a direct competitor to OpenAI that is already climbing in valuation compared to the latter.
The Battle for OpenAI Rages on Between Elon Musk and Sam Altman
Further, Musk has filed a series of legal complaints accusing OpenAI of betraying its original nonprofit mission by creating a for-profit arm and colluding with its largest investor, Microsoft, to dominate the development of AI. The company and Musk have been battling in court for several years now, with the latter looking to dismiss the “abusive” lawsuit between the two in 2024.
“It’s time for OpenAI to return to the open-source, safety-focused force for good it once was,” Musk said in a statement provided by Toberoff. “We will make sure that happens.” Toberoff also added that the Musk-led investment group is looking to go all-in on this purchase and not face rival interested parties. “If Sam Altman and the present OpenAI Inc. Board of Directors are intent on becoming a fully for-profit corporation, it is vital that the charity be fairly compensated for what its leadership is taking away from it: control over the most transformative technology of our time,” he said.
Also Read: Nvidia Vs. OpenAI: What To Expect From NVDA as Competition Heats Up
OpenAI currently sits at just over $100 billion and is in talks with Microsoft to launch a new company that could up its value to nearly triple that. The ChatGPT developer has yet to issue a statement on Musk’s bid or a potential sale. Other competitors looking to purchase OpenAI are also unknown.
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Robert Kiyosaki Flags Biggest Market Crash, Backs Bitcoin Adoption
Renowned author and investor Robert Kiyosaki has warned of a possible financial market crash this year. He restated this position after publishing the scenario in 2014, citing several economic woes. Over the years, Kiyosaki has pointed to Bitcoin (BTC), gold, and other precious metals to survive the coming economic downturn. Crypto prices are trading sideways, with bears expecting similar positions in the coming weeks.
Rich Dad’s Prophecy
In a recent post on X, Kiyosaki hinted that the biggest market crash would happen in 2025. Kiyosaki and other commentators have hinted at slowing economic activities and macro factors leading to a financial market crash. However, Kiyosaki terms it the biggest in history, sending shock waves to several investors.
According to him, many people would lose their jobs in the coming Great Depression which will also impact stocks and homes. Many experts have complained about heightened global tensions and other factors leading to the predicted scenario. Amid present realities, Kiyosaki advised people to accumulate Bitcoin and gold and to reduce the impact of the crash.
“Also, you may want to start your own business…. a business that will thrive during the coming depression. For example, if you have the land you may want to raise vegetables, chickens for eggs, or cattle. My books and Cashflow Game do well in a crash…. Because people realize they need to increase their financial education. In a crash, real estate may do well as prices crash and homes become affordable.”
He noted that despite challenging times, a financial crash can make some people richer. This is due to access to information and funds moving to new players.
Bitcoin To Hedge Against Inflation
Global inflationary trends have led many to pitch Bitcoin as a hedge against inflation. This is among the use cases of the crypto market leader leading to mainstream adoption. Young users have adopted the assets due to harsh local conditions as inflation soars. Previously, centralized institutions and governments opposed Bitcoin, but the asset’s consistent rise has changed the status quo.
As a hedge against inflation, Bitcoin has been placed alongside gold, sparking debates on both asset’s prospects. Bitcoin’s price has outpaced gold, coupled with a successful spot ETF in the United States that attracted over $40 billion, pushing the asset’s price to multiple all-time highs last year.
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