“Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets.”
Musk and a group of investors made their offer earlier this week, in the latest twist to a dispute with the artificial intelligence company that he helped found a decade ago.
OpenAI is controlled by a nonprofit board bound to its original mission of safely building better-than-human AI for public benefit. Now a fast-growing business, it unveiled plans last year to formally change its corporate structure.
Musk and his own AI startup, xAI, and a consortium of investment firms want to acquire OpenAI so they can revert it back to its original charitable mission as a nonprofit research lab.
OpenAI CEO Sam Altman quickly rejected the unsolicited bid in a post on social media and told questioners at a Paris summit on AI that the company is not for sale.
Musk and Altman helped start OpenAI in 2015 and later competed over who should lead it. They've been in a long-running feud over the startup's direction since Musk resigned from its board in 2018.