OpenAI Didn’t Receive Elon Musk’s $97.4 Billion Bid: Report

By Shikhar Mehrotra • Updated On Feb 12, 2025

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TL; DR

On February 11, 2025, OpenAI’s CEO, Sam Altman, clarified that he or the company hasn’t received “anything official” from Elon Musk.
Mark Toberoff, Musk’s lawyer, mentioned in a statement to Reuters that he sent an official offer via email on Monday.

On February 10, 2025, Elon Musk reportedly offered to buy OpenAI for $97.4 billion. The tech billionaire didn’t make the offer on his own, though, as he led a group of investors wanting to take control of the ChatGPT maker. The offer stood for the nonprofit arm of the company.

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Sam Altman Pacifies Employees, Says The Company Is Making Great Progress

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However, on February 11, 2025, OpenAI’s CEO, Sam Altman, clarified that he or the company hasn’t received “anything official” from Elon Musk (via Reuters). The CEO wrote this in a memo to the company’s employees, stating that “Elon runs a competitive AI company, and his actions” are aimed at weakening OpenAI as the company is “making great progress.”

Musk’s Lawyer Says The Investors Have Extended A Four-Page Letter Of Intent

Mark Toberoff, Musk’s lawyer, mentioned in a statement to Reuters that he sent an official offer via email on Monday. The email was marked to OpenAI’s outside counsel at Rosen & Katz, Lipton, and Wachtell. The bid contained a four-page letter of intent for purchasing OpenAI’s assets, signed by a group of investors including xAI, Baron Capital Group, Valor, Vy Capital, and Atreides, among others.

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“Whether Sam Altman chose to provide or withhold this [the offer] from OpenAI’s other board members is outside of our control,” Musk’s lawyer said in a statement. On the other hand, Altman says that the nonprofit that oversees OpenAI isn’t for sale. “I have nothing to say. I mean, it’s ridiculous,” Altman said.

For those catching up, Elon Musk and Sam Altman have been in a legal battle for a while now. Apparently, Musk has accused OpenAI of antitrust violations, trying to stop it from becoming a for-profit corporation that sells its AI services. OpenAI, on the other hand, is trying to raise $40 billion to develop the best generative AI models and, of course, transition into a for-profit organization.

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Shikhar Mehrotra

Shikhar Mehrotra is a seasoned technology writer and reviewer with over five years of experience covering consumer tech across India and global markets. At Smartprix, he has authored more than 1,700 articles, including news stories, features, comparisons, and product reviews spanning automobiles, smartphones, chipsets, wearables, laptops, home appliances, and operating systems. Shikhar has reviewed flagship devices such as the iPhone 16, Galaxy S25+, and Sennheiser HD 505 Open-Ear headphones. He also contributes regularly to Smartprix’s growing automotive section.

With a deep understanding of both iOS and Android ecosystems, Shikhar specializes in daily tech news, how-to explainers, product comparisons, and in-depth reviews. His DSLR photography in product reviews is recognized as among the best on the team.

Before joining Smartprix, Shikhar wrote for leading publications including Forbes Advisor India, Republic World, and ScreenRant. He holds a Bachelor of Arts in Journalism and Mass Communication from Amity University, Lucknow.

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