In February 2025, a consortium of investors led by tech magnate Elon Musk submitted an unsolicited offer to acquire OpenAI — the high-profile artificial-intelligence firm founded in part by Musk himself. The bid valued OpenAI at US$97.4 billion, a sum that immediately captured attention across the tech world.

OpenAI’s Board Says “Not for Sale”

Within days, OpenAI’s board publicly rejected the offer. In a statement, they insisted the company was not for sale, emphasizing that any restructuring plans were aimed at preserving OpenAI’s mission rather than yielding to outside acquisition.

In a brief post on X — the social media platform owned by Musk — OpenAI CEO Sam Altman replied curtly: “No, thank you.”

Musk’s Retort: “Fraudster”

The public exchange took a sharp turn when Elon Musk responded to Altman’s rejection by calling him a “fraudster.” According to media reports, this was not the first time Musk used such strong language to describe Altman.

The tone underscored how deeply the relationship between the two — once co-founders — has deteriorated amid fierce competition and divergent visions for the future of AI.

From Co-founders to Legal Adversaries

Musk and Altman were among the original founders of OpenAI in 2015. The organization began as a nonprofit with a mission to ensure that artificial general intelligence (AGI) would “benefit all of humanity.”

Over time, OpenAI evolved. In recent years, it restructured — forming a capped-profit subsidiary and seeking new investments to expand its AI ambitions.

Musk has repeatedly criticized those changes, arguing they betray OpenAI’s original ethos. His bid to purchase the firm for nearly $100 billion was widely interpreted as an attempt to reclaim control and redirect its path.

Why the Offer Matters — and What’s at Stake

The rejected offer and its fallout highlight growing tensions at the heart of the AI industry. On one side stands OpenAI — now a leading force in generative AI, backed by powerful investments and commanding immense valuation (recent private-market estimates value it as the most valuable privately owned AI company globally) — seeking to balance innovation, profitability, and its public mission.

On the other, Musk represents a cadre of influential entrepreneurs and investors skeptical of centralized corporate power in AI. His bid and subsequent condemnation of Altman reflect broader concerns about control, governance, and the social responsibilities of AI developers.

The episode also underscores how personal relationships — once aligned around bold aspirations — have fractured under pressure, turning collaboration into confrontation in a race to define the future of artificial intelligence.