> If the OpenAI-NP board sees such existential risk from a change in leadership of OpenAI-P, how can they in good faith eschew control of it? By removing themselves from control, they would see the exact same risk anyhow. Elon could make a tender offer for the private for-profit entity that its board would be bound to accept in its fiduciary duty to shareholders.
They can make the argument that this offer is not in good faith and that Elon would not make an equivalent offer on an open market. That is, Elon's purpose in this offer is to prevent the sale of OpenAI, not to actually acquire it. Perhaps one could get around this if the cash were put in escrow, but also Elon likely doesn't have 100B in cash and it appears part of the valuation that Elon is putting up is x.ai, so it's quite reasonable to say that x is overvalued in this deal and that it isn't really 90B anyway.
> You can't buy a non-profit. It's their assets he's trying to buy. If OpenAI-NP values their OpenAI-P claims at $40B then that's what Elon would own according to their own beliefs.
From what I can gather you're just mistaken here, Elon seems to be offering 100B for the thing recently valued at 157B (per https://archive.is/59jZ5#selection-637.0-648.0), while what is being sold for 40B is not the entire $157B entity.
Either that, or elon really is getting a controlling interest, and then the argument about Elon being a terrible steward still applies.
> They can make the argument that this offer is not in good faith and that Elon would not make an equivalent offer on an open market.
Yes this an angle they could take. This would probably be a huge mistake. By doing this they would in part be conceding that it's a worthwhile offer to be made and Elon also is likely more than able to acquire the funds.
> From what I can gather you're just mistaken here,
I'm not. You and WaPo are. For one, it should be obvious that that's the case otherwise this offer would be worthless since it's less than the $157B most recent valuation. There would be no point in discussing any of this and everyone would be laughing at Elon. For another, here's the original reporting from the WSJ which is unsurprisingly much clearer: https://archive.is/stI0V
They can make the argument that this offer is not in good faith and that Elon would not make an equivalent offer on an open market. That is, Elon's purpose in this offer is to prevent the sale of OpenAI, not to actually acquire it. Perhaps one could get around this if the cash were put in escrow, but also Elon likely doesn't have 100B in cash and it appears part of the valuation that Elon is putting up is x.ai, so it's quite reasonable to say that x is overvalued in this deal and that it isn't really 90B anyway.
> You can't buy a non-profit. It's their assets he's trying to buy. If OpenAI-NP values their OpenAI-P claims at $40B then that's what Elon would own according to their own beliefs.
From what I can gather you're just mistaken here, Elon seems to be offering 100B for the thing recently valued at 157B (per https://archive.is/59jZ5#selection-637.0-648.0), while what is being sold for 40B is not the entire $157B entity.
Either that, or elon really is getting a controlling interest, and then the argument about Elon being a terrible steward still applies.