Elon Musk launched an offer of 97.4 billion dollars for the non -profit organization that Openai controls. The unexpected acquisition proposal became a potential problem For the plan drawn by Sam Altman to transform the startup commercial arm into a public benefit corporation (PBC), in addition to the entity’s control nonprofit.
Now, so that this restructuring can come true, Openai should have to compensate for the organization without profit. As we pointed out a few days ago, the point is that it is not known how much the nonprofitalthough Openai has pointed out in the past that as part of the process he would receive “PBC actions on a fair assessment determined by independent financial advisors.”
Elon Musk’s movement and the value of the nonprofit
Bloomberg points out that Openai has been studying the organization without profit with a 25% participation of its commercial arm. Taking into account the valuation of 157,000 million dollars, the aforementioned percentage would result in some 40,000 million dollars. In other words, it is an amount of money much smaller than that offered by the group of investors led by Musk.
Altman’s legal team did not take long to expose Musk’s movement to the tax, and assured that the owner of X cannot try to Buy the aforementioned organization when he is also trying to avoid by the judicial route OpenAi becomes a PBC. Recall that both entrepreneurs are wrapped in a judicial battle that has given many laps, but without a conclusion in sight.
Musk’s lawyers, meanwhile, have said that their client will withdraw the acquisition offer if the Openai Board of Directors undertakes to “Preserve the mission of the beneficial and stipulate organization that the sign of ‘is sold’ of its assets stopping its conversion ”. This movement also exerts pressure on Altman, who probably did not expect to find himself in this situation.
In New York Times they emphasize Openai’s need to continue with the drawing plan. According to documents seen by the American newspaper, the conditions of its last financing round establish that the conversion must be completed within a shorter than two years. If it does not occur, the financing will become debt. Musk is also willing to increase its offer if there are equivalent proposals.
Imágenes | Village Global | Steve Jurvetson | TechCrunch (CC BY 2.0)
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