CALIFORNIA, US – OpenAI CEO Sam Altman has turned down a $97.4 billion takeover bid from a consortium led by billionaire entrepreneur Elon Musk, intensifying the long-running battle between the two tech moguls over the future of artificial intelligence.
Musk’s attorney, Marc Toberoff, confirmed that the proposal—aiming to acquire all assets of the ChatGPT maker—was submitted to OpenAI’s board on Monday.
While Altman swiftly rejected the offer, posting on Musk’s social media platform X, “no thank you but we will buy Twitter for $9.74 billion if you want,” the fate of the bid may ultimately rest with OpenAI’s board, which could be swayed by an increased offer.
no thank you but we will buy twitter for $9.74 billion if you want
Musk and Altman co-founded OpenAI in 2015 as a non-profit research organization, but their relationship deteriorated after Musk’s departure in 2018.
Since then, OpenAI has transitioned into a for-profit entity, a shift Musk has criticized as a betrayal of its original mission to develop AI for the benefit of humanity.
Altman, however, argues that the move was necessary to secure the funding required for advancing AI technology.
Musk’s bid comes amid his ongoing legal battle with OpenAI, in which he has accused the company of deviating from its non-profit roots and prioritizing commercial interests.
However, the proposed bid significantly undervalues OpenAI.
The company was valued at $157 billion in October 2024, with recent funding talks suggesting a valuation as high as $300 billion.
Toberoff, Musk’s attorney, said the consortium is willing to increase its bid if necessary.
OpenAI’s role in the AI arms race extends beyond Musk’s bid.
The company is partnering with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund to build $500 billion worth of AI infrastructure in the U.S.
The initiative, called The Stargate Project, was unveiled at the White House by President Donald Trump, who hailed it as “the largest AI infrastructure project by far in history.”
Musk, despite his close ties to Trump as a top advisor, has cast doubt on the venture, claiming the investors “don’t actually have the money” to back their pledges—though he has not provided evidence for this assertion.
