A consortium of investors led by Elon Musk’s X.AI offered this week to buy Openai for $ 97.4 billion. Openai CEO Sam Altman rejected the proposal, which rejected the planned repentance of open open open opinion, something that Musk tried to block a lawsuit.

In a Wednesday submission, Altman’s advocates argued that Musk could not have both ways: Try to buy Openai’s assets and also try to stop it from changing its profit status. Musk’s team replied that he would withdraw the bid as Openai had stopped his efforts to convert himself from a non -profit organization.

In the meantime, as part of this filing, the full Intention letter Of Musk’s team to buy Openai was made public.

Here are five key details that we have learned from that letter and other legal filings to shed light on this ongoing, and rather sloppy, dispute.

Clear deadline set

The unsolicited offer of Musk’s group has a specific expiration date: May 10, 2025. There are exceptions on the deadline if the agreement has been completed in advance, both sides agree to end the discussions, or reject the offer in writing.

Despite Altman’s public dismissals, including a jokes counter -offering To buy X for a tenth of the price, Openai’s board has not yet formally rejected the offer, as boards are usually needed to legally evaluate such offers, even from competitors.

All-cash transaction

Musk’s consortium, which includes VCs such as Joe Lonsdale’s 8VC and SpaceX investor Vy Capital, offers exactly $ 97.375 billion to buy out Openai, saying in the letter 100% of the purchase price “is paid in cash.”

This is striking because Musk has not kept away from the use of debt in the past, and borrowed $ 13 billion from banks to buy Twitter (now X) in 2022. His net worth has since increased significantly, swing about $ 400 billionAccording to some estimates since the election of his new ally Donald Trump.

However, the letter mentions seven investors, including Musk’s AI company X.AI, as well as unnamed “other”, which means that Musk does not use his personal fortune to finance it.

Full access to books and staff

Before forking all the cash, the buyers want to investigate Openai’s financial and business records, along with access to open -ended interviews. This means all of “assets, facilities, equipment, books and records,” according to the letter.

While this is a normal part of the necessary caution, especially for an offer as large as $ 97.4 billion, it can also give Musk’s X.AI – an Open Redinger – access to sensitive internal information. And once they have seen it all, their zeal can also give the reason to withdraw their offer.

The offer could undermine Musk’s lawsuit

The bid of $ 97.4 billion to acquire Openai is contrary to the legal allegations of Musk that the assets of the beginning are not “transferred” for “private again”, “OpenAi advocates argued in a court conservation In the lawsuit Wednesday.

Openai suggested that the offer is not serious, but “an improper attempt to undermine a participant.” However, Musk’s consortium says their offer is indeed ‘serious’ and that the cash would go to Openai’s profit organization to promote its mission.

Musk can withdraw if openai remains a non -profit organization

Musk’s legal team says he will abandon its bid to open Openai if the council commits to holding it as a non -profit organization, according to a court submitting Wednesday.

The filing argues that Musk’s buyout offer is a sincere and says that the non -profit organization must receive fair market value for its assets based on what an independent buyer would pay.

It seems to confirm what some experts claimed: that the offer was intended to increase the price Altman would have to pay to take the company privately.

In a statementthe lawyer representing Openai’s board of directors said Musk’s bid “does not put a value for (Openai’s) non-profit organization” and that the non-profit organization is “not for sale.”

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