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  Malware  Altman Rejects Musk’s $97.4B Offer for OpenAI
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Altman Rejects Musk’s $97.4B Offer for OpenAI

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Next-Generation Technologies & Secure Development

Offer Comes Amid Legal Battle Between the Former OpenAI Co-Founders

Rashmi Ramesh (rashmiramesh_) •
February 11, 2025    

Altman Rejects Musk's $97.4B Offer for OpenAI
Elon Musk’s unsolicited $97.4 billion bid for the maker of ChatGPT met with rejection from OpenAI CEO Sam Altman (Image: Shutterstock)

Elon Musk reportedly offered to buy OpenAI’s operating assets for $97.4 billion, escalating his legal and business battle with Sam Altman, the artificial intelligence company’s CEO.

See Also: Second Annual Generative AI Study Report: Business Rewards vs. Security Risks

Altman, who is working to restructure OpenAI by separating its nonprofit board from its for-profit business, dismissed the offer with a post on social media platform X: “no thank you but we will buy Twitter for $9.74 billion if you want.”

Musk’s offer to buy OpenAI is backed by his AI company xAI, as well as several longtime investors in his other ventures, including Valor Equity Partners, Baron Capital, Atreides Management, Vy Capital and venture firm 8VC, the WSJ reported.

Musk co-founded OpenAI with Altman in 2015 as a nonprofit but left in 2018 before its rapid expansion. OpenAI created a for-profit subsidiary in 2019 to raise capital, securing billions from Microsoft and other investors. The company is now transitioning into a fully for-profit structure, a move Musk opposes (See: Safety Concerns, Pushback Against OpenAI’s For-Profit Plan).

Musk filed a bid amid an ongoing lawsuit in August against OpenAI, claiming the company has abandoned its original mission of AI development for the public good.

He also sought a court injunction in November to block OpenAI’s restructuring. Musk contends that OpenAI’s leadership is undermining the original intent of the organization.

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“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,” Musk said in a statement, the WSJ reported, citing his attorney Marc Toberoff.

Altman told staff in a company-wide message that OpenAI’s board has no interest in engaging with Musk’s bid, The Information reported.

Musk’s xAI could merge with OpenAI if the deal were accepted, the WSJ reported. xAI recently raised $6 billion at a $40 billion valuation.

Legal experts say Musk’s bid could complicate OpenAI’s transition. The company was valued at $157 billion in its last funding round, making it one of the most valuable private companies in the world. Japanese conglomerate SoftBank is reportedly in talks to lead a $40 billion funding round at a valuation of up to $300 billion. If successful, this would further cement OpenAI’s dominance in the AI industry.

Musk’s ability to finance the bid remains uncertain. His Tesla stock is valued at approximately $165 billion, but his leverage with banks is limited because of his $44 billion acquisition of Twitter, now X, in 2022. Analysts reportedly suggested that Musk may need to sell Tesla shares, take loans against his stock or use his SpaceX holdings as collateral to fund the bid.

Musk’s legal team has asked attorneys general in California and Delaware to open a bidding process to determine OpenAI’s fair market value. The team argued that OpenAI’s planned transition undervalues its nonprofit entity and that the board has a fiduciary duty to consider Musk’s offer. But OpenAI contends that Musk’s claims are baseless and that the nonprofit will receive fair value in its stake in the new for-profit entity.

OpenAI aims to complete its transition by 2026 as part of a $6.6 billion funding round secured in October. SoftBank is separately negotiating to invest up to $25 billion in OpenAI and is also seeking additional funds for Stargate, a $500 billion AI infrastructure project announced at the White House alongside U.S. President Donald Trump (See: Trump-Backed Stargate Initiative to Pour $500B Into AI).

Musk has criticized Stargate, calling Altman a “swindler” and questioning the project’s financial backing. The initiative aims to develop AI infrastructure at an unprecedented scale, but Musk has claimed that its backers do not have the promised funding. OpenAI maintains that the transition is necessary to secure the capital needed for its AI research and development plans.

Even before Musk’s latest bid, OpenAI faced legal and regulatory hurdles in its transition. Meta Platforms in December sent a letter to the California attorney general expressing opposition to the move, adding to the scrutiny surrounding the nonprofit’s restructuring. OpenAI meanwhile remains in negotiations with Microsoft and other stakeholders on their equity stakes in the new company.

The stakes in this battle extend beyond just ownership. Musk has consistently advocated for open-source AI development, while OpenAI has moved towards a more closed, commercial model in partnership with Microsoft. If Musk’s bid were accepted, it could alter the direction of OpenAI’s research and business strategy.





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    Boosting Cybersecurity for Small Businesses: Effective Strategies for Task Automation

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    Implementing Patch Management Systems

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    Enabling Multi-Factor Authentication (MFA)

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    Automating Security Auditing and Compliance

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    Deploying Automated Data Backups and Recovery

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    Educating Employees with Security Awareness Training

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    As cyber threats continue to evolve, small businesses must adopt proactive cybersecurity measures to protect their sensitive data and operations. By embracing automation, small businesses can effectively enhance their cyber defense capabilities. From automated threat detection and patch management to multi-factor authentication and data backups, these automation strategies provide small businesses with robust security solutions despite limited resources. Small businesses can mitigate risks, safeguard their digital assets, and focus on growth and innovation by automating cybersecurity tasks.

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    The Vital Role of Ethical Hackers in Cybersecurity

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    To achieve their goal, ethical hackers immerse themselves in the expanse of security breaches, exploits, and vulnerability scenarios. They leave no stone unturned. Their goal is to protect organizations from malicious attacks, ensuring that the digital fortress remains untouchable.

    Don't underestimate the importance of ethical hacking. As the world becomes increasingly interconnected, cybersecurity has never been more pressing. According to a report by Emergen Research, the cybersecurity industry is expected to expand at a compound annual growth rate (CAGR) of 12.0% to 13.4% from 2022 to 2030. This surge in demand reflects the critical importance of ethical hackers in fortifying digital infrastructure against the relentless onslaught of cyber threats.

    Embracing the Journey: Continuous Learning and Certification for Ethical Hackers

    Becoming an ethical hacker requires diverse skills and knowledge. Understanding the types of hackers is crucial, as it provides insights into how they operate. Armed with this knowledge, ethical hackers delve into cutting-edge tools and techniques. They leverage their skills to identify vulnerabilities and devise countermeasures.

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    The Tools of Ethical Hacking

    Curious about the tools an ethical hacker uses? They have access to a diverse range of tools. These tools allow them to probe and analyze digital systems, uncover weaknesses, and assess the resilience of security measures. While the specific tools vary based on the objectives and preferences of individual ethical hackers, there are several standard tools they employ. 

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    Another essential tool in the ethical hacker's arsenal is Metasploit. Metasploit is an open-source framework that facilitates penetration testing and vulnerability assessment. It offers a wide range of exploits, payloads, and auxiliary modules, empowering ethical hackers to simulate real-world attack scenarios. Employing Metasploit's extensive collection of exploit codes, ethical hackers can uncover weaknesses, gain unauthorized access, and assess the system's defenses against potential threats.

    WireShark, a network protocol analyzer, is another indispensable tool for ethical hackers. It allows them to capture and examine network traffic, providing deep insights into the packets traversing the network. With WireShark, ethical hackers can scrutinize individual packets, analyze network protocols, and identify suspicious or malicious activity. This tool enables them to detect anomalies, trace the origin of potential security breaches, and assess the security posture of the network.

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    Conclusion

    The expertise of digital hackers safeguards digital life, upholding the principles of integrity, confidentiality, and trust. The growth of the cybersecurity industry reflects the need for ethical hackers, stressing the ever-present demand for their unique skills. So, acknowledge and appreciate these unsung heroes, the vanguards of cybersecurity who tirelessly battle in the shadows to preserve the sanctity of the digital realm -- and be glad they're there. 

    References:

    "Cybersecurity Market, By Component (Hardware, Solution, Service), By Security Type, By Solution, By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense & Government, Manufacturing, Energy, Others), By Region Forecast to 2032". Www.Emergenresearch.Com, 2023, https://www.emergenresearch.com/industry-report/cyber-security-market. Accessed 25 May 2023.

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    Businesses in all industries are heavily reliant on technology. Unfortunately, this also makes companies a prime target for a variety of cyber attacks. Despite the best efforts in cybersecurity, no company is entirely immune to these risks. One way to help limit these concerns is to purchase cyber insurance for your business. Often overlooked or deemed unnecessary in the past, cyber insurance is quickly becoming a business necessity, providing a safety net for whenever things go wrong.

    The Ever-Present Threat of Cybercrime

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    A cybersecurity incident isn't just about financial loss. One incident can also lead to reputational damage, loss of customer trust, regulatory fines, and even business closure. Developing a robust cybersecurity system is crucial, but it's not foolproof. Investing in cybersecurity insurance for your business can give you much-needed protection against these threats.

    Cyber Insurance: An Essential Safety Net

    Like any insurance, cyber insurance covers financial losses related to cyber incidents. This can include costs associated with data recovery, notification of affected parties, legal fees, public relations efforts, business interruption, and even extortion payments demanded by hackers. In essence, cyber insurance is designed to help a company recover from a cyber attack by mitigating the financial impact. It provides an essential safety net that can make the difference between a company going out of business and staying afloat after a cyber-attack.

    Coverage Tailored to Your Business

    One of the key advantages of cyber insurance is that it can be tailored to fit the specific needs and risk profile of your business. Different businesses have different cyber risks. For example, a healthcare provider may need coverage for patient data breaches, while a retail business might require protection against credit card fraud. Cyber insurance policies can be customized to provide the coverage your business needs most.

    The Rising Importance of Cyber Insurance

    Cyber insurance is growing in importance as businesses become more digital and data-driven. It's not just about whether your business will experience a cyber-attack, but when it will happen. Data privacy laws are becoming more stringent, which means businesses can face hefty fines for failing to adequately protect customer data. Cyber liability insurance can provide coverage for these regulatory fines.

    Cyber Insurance - An Investment Worth Making

    Investing in cyber insurance is like putting on a seatbelt while driving. It doesn't prevent an accident, but it can significantly mitigate the damage if one occurs. Cyber insurance is an essential part of a comprehensive risk management strategy, providing financial protection and peace of mind in a digital age fraught with cyber threats. Regardless of your business size or industry, having cyber insurance can help you navigate the aftermath of a cyber-attack by protecting your financial resources.

    PSL’s Easy Guide to Understanding Cybersecurity

    The world of cybersecurity can often feel like a maze of technobabble and obscure acronyms. Yet in an era where our lives increasingly depend on digital infrastructure, it's important to have a basic understanding of the terminology involved. Learning about cybersecurity can help you avoid common mistakes and limit the chance of becoming a victim of these crimes.

    Here is an overview of common cybersecurity terms.

    1) Cybersecurity

    Let's start with the basics. Cybersecurity is simply the defense against digital attacks that target computers, mobile devices, networks, and servers. These attacks are typically aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes.

    2) Malware

    Malware is any malicious software that can damage or infiltrate computers without the user's consent.

    Here are the most well-known types of malware.

    Virus

    Like a biological virus, a computer virus attaches itself to a host (in this case, a file), and spreads when the file is shared, infecting other files and systems.

    Worm

    A worm is a standalone type of malware that will replicate itself to easily spread to other computers through a network.

    Trojan

    Named after the Greek myth, the Trojan horse, a Trojan is a form of malware that attempts to disguise itself as a normal program or file to trick users into either downloading or installing it.

    Ransomware

    This type of malware encrypts the user's files and demands payment to unlock them.

    Spyware

    Spyware is malware that's specifically designed to spy on user activity without their knowledge.

    3) Phishing

    Phishing is a common attack that tries to gain personal information by using deceptive emails and websites. The attacker, masquerading as a trustworthy entity, uses a variety of strategies to trick the victim into opening an instant message, email, or text message.

    4) Firewall

    A firewall is an IT security tool that controls network traffic using predetermined security rules. Think of it as a digital barrier limiting unauthorized access to your network or computer.

    5) VPN (Virtual Private Network)

    A VPN masks your internet protocol (IP) address to make your online actions nearly untraceable. VPN services establish encrypted connections to provide much greater privacy while using the internet.

    6) Encryption

    Encryption converts data into a code to prevent unauthorized access. When data is encrypted, it appears as gibberish unless you have the decryption key to convert it back to its original form.

    7) Two-Factor Authentication (2FA)

    2FA is a common security process in which users must provide two different authentication factors to gain access to an account. For example, in addition to a password, you might also need to enter a code sent to your phone.

    8) Darknet/Dark Web

    The darknet or dark web refers to encrypted online networks that aren't indexed by search engines, and they are often used for illicit activities. You need special software (like Tor) to access it.

    9) Data Breach

    A data breach happens whenever secure or private information is released into an untrusted environment. This is often due to a cyberattack on a database, leading to sensitive data being exposed, copied, or used.

    10) Botnet

    A botnet uses a group of private computers that are unknowingly infected with malicious software and are controlled as a group to perform various tasks. Many times botnets are created to send out spam emails or carry out Distributed Denial of Service (DDoS) attacks.

    Closing Thoughts

    Understanding cybersecurity is not just for the tech-savvy; it's for everyone. We are all potential targets for cyber threats, and comprehension of basic cybersecurity terminology can make a significant difference in safeguarding ourselves and our digital assets.

    Employing cybersecurity measures also helps to keep your digital data safe. This might include using a VPN, enabling two-factor authentication, or simply being wary of suspicious emails to prevent phishing attacks.

    Ultimately, it's not necessary for everyone to be a cybersecurity expert, but a basic understanding of the key terms can be an empowering first step in better securing your digital life. This newfound knowledge can provide you the confidence to navigate the online world with more safety and assurance.