Musk will pull OpenAI bid if ChatGPT maker remains non-profit, say lawyers

Elon Musk will withdraw his $97.4 billion bid for OpenAI’s non-profit arm if the ChatGPT maker drops its plans to become a for-profit entity, the billionaire’s lawyers said in a court filing on Wednesday.

“If (the) OpenAI board is prepared to preserve the charity’s mission and stipulate to take the “for sale” sign off its assets by halting its conversion, Musk will withdraw the bid,” the filing said.

If not, “the charity must be compensated by what an arms-length buyer will pay for its assets.” Musk’s “serious offer” was for the furtherance of the charity’s mission, the filing said.