OpenAI's board unanimously rejects Elon Musk's $97.4B takeover bid
OpenAI's board rejected a $97.4 billion unsolicited bid from a consortium led by Elon Musk, saying the company is not for sale and calling any future bid disingenuous.
Board chairman Bret Taylor said on behalf of the board that the offer was Musk's latest attempt to disrupt his competition, and that any reorganization would strengthen the nonprofit. Musk submitted the bid on 10 February as an offer for the nonprofit that controls the for-profit arm; Sam Altman publicly refused it the same day. The bid is part of Musk's broader effort to block OpenAI's conversion to a for-profit structure, which is also the subject of his separate lawsuit.

WHY IT MATTERS
The for-profit conversion and its capital raise continue on OpenAI's own terms, with the nonprofit's board — not outside bidders — setting the price of control. It is also the first time the governance fight moved from a courtroom to a hostile bid, and the board's refusal frames the conversion as a defensive act rather than a commercial one.