Elon Musk will withdraw the bids of Openai’s nonprofit organizations if the board agrees to the terms

in Court filings on WednesdayElon Musk’s lawyers say that if the board of ChatGPT makers “holds the mission of charity” and stops converting to for-profit organizations, the billionaire will withdraw $97.4 billion bids for Openai’s nonprofit organization. I stated.

The filing filed in the U.S. District Court for the Northern District of California states that the offer to buy an open nonprofit is “serious” and that the nonprofit “issues that the arms chief buyer pays for the property. They insist that they must be compensated.”

“(…) Charity assets need to go ahead with sales. The mask-driven consortium has submitted a serious offer (…) to go to the charity to promote its mission,” reads the filing. “(However) Openai, Inc.’s board is ready to maintain the mission of the charity and stipulate that it adopts a signature “for sale” by halting conversions; Musk withdraws the bid. ”

The filing is Saga’s latest development, which began on Monday. Investors He offered to buy a nonprofit that effectively manages Openai for $97.4 billion. Openai CEO Sam Altman and the company’s board of directors Unsolicited proposals were immediately rejected. in statementAndy Nussbaum, a lawyer representing Openai’s board, said Musk’s bid “does not set the value of (Openai’s) nonprofits” and that the nonprofits were “not for sale.” .

Openai co-founder Musk filed a lawsuit against the company and Altman last year, claiming Openai is engaged in anti-competitive behavior and fraud.

Openai was founded as a nonprofit organization in 2019 before moving to a “capped for-profit” structure. The nonprofit is the sole control shareholder of Capped-Profit Openai Corporation, which maintains formal fiduciary responsibility for the nonprofit charter. Openai is currently in the process of restructuring. This time, we will be focusing on traditional commercial companies, especially public benefits corporations. However, Musk is trying to ban conversion through lawsuits.

in Submit early on WednesdayOpenry’s lawyers contradict the contradiction of “inappropriate bids to undermine competitors” and his position in the court that the transfer of startup assets through restructuring violates its mission as a charitable trust. It called for a mask move to control the company.