Elon Musk-led group offers $97.4bn for control of OpenAI but Sam Altman says ‘no thank you’

OpenAI chief executive Sam Altman on Monday rejected a $97.4 billion offer from a consortium led by Elon Musk to control the artificial intelligence company, as the rivalry between the two technology chiefs escalates.

Mr Musk and his startup xAI, along with a consortium of investment firms, are seeking control of OpenAI to return it to its original mission as a non-profit research lab, Reuters reported, quoting Mr Musk's lawyer Marc Toberoff.

Details of the bid were first reported by The Wall Street Journal. Mr Toberoff did not immediately respond to The National's request for comment.

Mr Altman swiftly responded to the offer on X, tweeting: "No thank you but we will buy Twitter for $9.74 billion if you want."

Mr Musk bought X – then known as Twitter – for $44 billion in 2022. Fidelity mutual funds in December valued the company at $12.32 billion.

The offer was the latest instalment in a years-long feud between the two since Mr Musk resigned from OpenAI's board in 2018. He sued OpenAI last year to stop the ChatGPT maker from becoming a for-profit entity. OpenAI says it needs to convert to a profit company because it requires more capital than the company had imagined.

A California judge last week said parts of Mr Musk's lawsuit against the company might go to trial, adding that he would have to testify in court and present evidence to a jury.

Tech billionaire Mr Musk also criticised a recently announced $500 billion project called Stargate, led by OpenAI, that President Donald Trump heralded at the White House last month. The Tesla chief cast doubt on the availability of funding, writing on X at the time: "They don't actually have the money."

He also said in a tweet that Softbank, one of the partners involved in the project, "has well under $10bn secured. I have that on good authority".

Mr Altman responded on X: "Wrong, as you surely know."

The OpenAI executive also invited Mr Musk to visit the first Stargate site in Texas and requested that, in his role within the Trump administration, should put "America first" ahead of his company's interests.

OpenAI did not immediately return The National's request for comment.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part four: an affection for classic cars lives on

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Gothia Cup 2025

4,872 matches

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

First Person
Richard Flanagan
Chatto & Windus

Red flags

Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

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How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.