OpenAI Rejects Musk’s $97.3 Billion Bid, Altman Fires Back With Twitter Offer

OpenAI CEO Sam Altman told staff the organization would reject Elon Musk’s $97.4 billion takeover offer, escalating a high-stakes conflict between the two tech magnates.

Altman told employees in a Monday letter that the board has no interest in the offer, writing, “Our structure exists to ensure that no individual can take control of OpenAI,” per Wired.

“Elon runs a competitive AI company, and his actions are not about OpenAI’s mission or values,” Altman continued.

OpenAI is reportedly valued at $157 billion, with prospective funding from SoftBank potentially raising that figure to $300 billion. While the board is not strictly required to maximize returns, it must still act within nonprofit obligations for any future deal.

Elon Musk, whose organization xAI is supporting the transaction, claimed, “It’s time for OpenAI to return to the open-source, safety-focused force for good it once was…We will make sure that happens.”

On X, Altman posted, “No thank you but we will buy twitter for $9.74 billion if you want,” prompting Musk to respond, “Swindler.”

Swindler

— Elon Musk (@elonmusk) February 10, 2025

Altman has indicated the board has yet to receive an official takeover offer; however, should Musk formally present his terms, the board is expected to reject it.

Some employees are likewise said to believe Musk’s interest is intended to disrupt OpenAI’s leadership and trajectory rather than work in tandem with its current mission, per Wired.

Bret Taylor, serving as OpenAI’s board chair, had previously overseen Twitter’s board during Elon Musk’s eventual purchase of that company, adding an element of familiarity to these negotiations.

Unlike Twitter, though, OpenAI’s governance is tied to both nonprofit obligations and a newer for-profit segment. That structure, which is in the process of becoming a public benefit corporation, creates additional hurdles for any sizable buyout. One complicating factor is that prospective deals must align with OpenAI’s stated philanthropic commitments and preserve its intended public interest framework.

Legal and financial analysts have noted that Musk’s unsolicited proposal offers a new benchmark for OpenAI’s worth. “Elon’s bid establishes a floor for the value of those assets,” said Samuel D. Brunson, a law professor at Loyola University Chicago who focuses on nonprofit organizations.

He added that this could raise the burden of proof for any smaller or internally driven valuation. Still, Brunson also observed that Musk’s high-profile Twitter takeover could cast doubt on whether he would follow through on his latest pledge.

Altman, meanwhile, expressed doubts about Musk’s ultimate intentions when asked about the proposed buyout.

Speaking in a recent interview with Bloomberg, “Elon tries all sorts of things for a long time,” Altman said. “I think he’s probably just trying to slow us down.”

Altman also pointed to extensive planning around new projects requiring outside funding, hinting that deeper partnerships with other investors could push OpenAI’s valuation even higher.