Elon Musk’s full letter of offer to buy Openai reveals five key details

A Investor consortium Directed by Elon Musk’s X.A Offered to buy OPENAI For $ 97.4 billion last week. The CEO of Openai, Sam Altman, has rejected the proposalwhich Gum would save OPENAI planned conversion According to a non -profit organization, something that Musk tries to block in a trial.

Altman’s lawyers argued in a Wednesday file that Musk cannot have them in both directions: try to buy the assets of Openai and also try to prevent it from changing its non -profit status. Musk’s team replied that it would withdraw the offer if Openai ceased to try to convert a non -profit organization.

Meanwhile, as part of these deposits, the full letter of intention From the Musk team to buy Openai was made public.

Here are 5 key details that we have learned from this letter and other legal deposits to shed light on this in progress and rather disorderly dispute.

Claire maturity set

The unsolicited offer of the Musk group is delivered with a specific expiration date: May 10, 2025. There are exceptions to the deadline if the agreement is finalized beforehand, the two parties agree to end the discussions or Openai officially rejects the offer in writing.

Despite Altman public dismissalsincluding a joke To buy X for a tenth of the price, the Board of Directors of Openai has not yet officially rejected the offer, because the advice is generally required to legally assess such offers, even competitors.

Acash transaction

Musk consortiumwhich includes VCs like the 8VC of Joe Lonsdale and the investor SpaceX VY Capital, offers exactly $ 97.375 billion to buy Openai, and says that in the letter 100% of the purchase price “would be paid in cash”.

This is remarkable because Musk has not avoided using the debt in the past, borrow $ 13 billion Banks to buy Twitter (now X) in 2022. Its net value has increased considerably since then, floating around $ 400 billionAccording to some estimates, since the election of his new ally Donald Trump.

However, the letter appoints seven investors, including the company AI of Musk X.ai as well as the “others”, which means that Musk does not use his personal fortune to finance this.

Full access to books and staff

Before making all this species, buyers wish to examine the financial and commercial files of OPENAI, as well as access to OpenAI staff for interviews. This means everything, “assets, installations, equipment, books and files”, according to the letter.

Although it is a normal part of reasonable diligence, in particular for an offer as important as $ 97.4 billion, this could also give Musk’s X.AI – A competitor OPENAI – Access to Sensitive internal information. And once they have seen everything, their diligence could also provide them with a reason to withdraw their offer.

The offer could undermine the Musk trial

The offer of $ 97.4 billion to acquire Openai contradicts the legal allegations of Musk according to which the assets of the startup cannot be “transferred” for “private”, lawyers open argued in a judicial file In the trial on Wednesday.

Openai suggested that the offer was not serious, but “an incomparability to undermine a competitor”. However, Musk Consortium said Their offer is indeed “serious” and that his money would go to the non -profit organization of Openai to continue its mission.

Musk can withdraw if Openai remains a non -profit organization

Musk’s legal team says he will abandon his attempt to acquire OpenAi if the board of directors undertakes to maintain it as a non -profit organization, according to a Tribunal table Wednesday.

The file argues that the Musk’s buyout offer is authentic, declaring that the non -profit organization should receive a fair market value for its assets according to what an independent buyer would pay.

This seems to validate what some experts have allegedly allegedly: that The offer was intended to drive The Altman Prize should pay for the private company.

In a statementThe lawyer representing the Board of Directors of Openai said that Musk’s offer “did not set any value for [OpenAI’s] non -profit “and that the non -profit organization is” not for sale “.