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Fortune
Fortune
Jessica Mathews

Elon Musk sets May 10 deadline for $97.4 billion 'all cash' OpenAI bid, requests access to company records — letter of intent

Elon Musk OpenAI AI California

Elon Musk and group of investors have offered to pay $97.375 billion "in cash" for the operating assets of OpenAI, according to the official letter of intent which sets a May 10 deadline for the offer to be accepted or rejected.

The four-page letter of intent, which was filed in a federal California court on Wednesday, states that Musk's party expects to conduct a detailed review of OpenAI's "financial projections including as to the OpenAI For- Profit Entities, with a focus on the key drivers of revenue growth and EBITDA."

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