News Summary

Elon Musk, through his company x.AI, has made an offer to acquire OpenAI for $97.4 billion. Despite OpenAI CEO Sam Altman’s dismissal of the proposal, the board has yet to formally reject it. The offer is all-cash and involves a consortium of investors, including Joe Lonsdale’s 8VC and Vy Capital. Musk’s proposal insists on full access to OpenAI’s financial and business records for due diligence. The bid comes with a deadline of May 10, 2025, but Musk’s team may withdraw if OpenAI remains a nonprofit. The offer has sparked legal disputes as Musk aims to prevent OpenAI from converting to a for-profit organization.