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

A Investor Consortium Led by X.AI on Elon Musk It is proposed to buy Openai for $ 97.4 billion this week. OPENAI CEO Sam Altman has rejected the proposalwhere would angularly Openai’s Conversion For a non -profit purpose something that Musk tries to block in a trial.

Altman’s lawyers claimed on Wednesday that Musk could not be in both directions: an attempt to buy Openai’s assets and also tried to stop him from changing his non -profit status. Musk’s team replied that he would withdraw the offer if Openai terminated that Attempts to transform non -profit.

Meanwhile, as part of these documents, the full letter of intention The Musk team to buy Openai became public.

Here are five key details we learned from this letter and other legal documents to shed light on this current and more recent dispute.

A clear set of deadline

The unsolicited proposal from the Musk group comes with a specific expiration date: May 10, 2025. There are exceptions from the deadline if the transaction is finalized in advance, both parties agree to terminate the discussions or Openai officially rejects the offer in writing.

However on Altman dismissalincluding a joking In order to buy X for one -tenth of the price, the OpenAi board does not officially reject the offer, as it is usually required to legally evaluate such offers, even by competitors.

Allcash Transaction

Musk Consortiumwhich includes VCS such as 8VC and SpaceX investor Joe Lonsdale, offers exactly $ 97.375 billion to buy Openai and says in the letter 100% of the purchase price “will be paid in cash.”

This is noticeable since Musk has not deviated from the use of the debt in the past, borrowing $ 13 billion From banks to buying on Twitter (now X) in 2022. Its net value has increased significantly since then, Floating about $ 400 billionAccording to some estimates, after the election of his new ally Donald Trump.

The letter appoints seven investors, including Musk X.AI’s AI Company, as well as unnamed “others”, which means that Musk does not use his personal wealth to fund this.

Full access to books and staff

Before overcoming all this money, buyers want to look at OpenAi’s financial and business records, along with access to Openai employees for interviews. It means everything from “assets, facilities, equipment, books and records” according to the letterS

Although this is a normal part of the proper diligence, especially for the offer of up to $ 97.4 billion, this can also be given to Musk X.AI – a competitor to Openai – access to sensitive internal information. And once they see all this, their diligence can give them a reason to withdraw their offer.

The offer can undermine Musk’s case

The $ 97.4 billion offer to acquire Openai is contrary to Musk’s legal claims that launch assets cannot be “transferred” to “private”, OPENAI attorneys spores in a court filing In the trial on Wednesday.

Openai suggested that the offer was not serious, but “incorrect tendering for a competitor.” However, Musk’s Consortium, however He says Their offer is really “serious” and that his money will go to the Non -Profit Openai Organization to improve his mission.

Musk can withdraw if Openai remains a non -profit target

Musk’s legal team says it will refuse its application to acquire Openai if the Council is committed to retaining it as a non -profit purpose as per A WednesdayS

The submission claims that the Musk purchase offer is real, stating that non -profit target must receive a fair market value for its assets based on what an independent buyer would pay.

This seems to confirm what some experts have claimed: this The offer was meant to rise The Altman price will have to pay to take the company private.

In a statementThe lawyer representing the OpenAi board said Musk’s offer “does not set value for (Openai’s) for non -profit” and that the non -profit purpose was “not for sale”.

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