Wedbush analysts believe Tesla (NASDAQ:TSLA) CEO Elon Musk's unsolicited $97.4 billion bid for OpenAI's controlling nonprofit is unlikely to succeed but is intended to slow down the company's capital-raising efforts.
The firm, led by Daniel Ives, noted that OpenAI's true valuation is closer to $300 billion, making the bid non-competitive. CEO Sam Altman quickly dismissed the offer, reaffirming that OpenAI is not for sale. The move escalates the long-standing rivalry between Musk and Altman, dating back to Musk's co-founding of OpenAI in 2015 and its transition to a for-profit entity in 2019.
Musk also sued OpenAI last year, claiming it prioritizes profits over its original nonprofit mission. OpenAI, backed by Microsoft (MSFT) and Nvidia (NASDAQ:NVDA), recently raised $6.6 billion, valuing it at $157 billion, while reports suggest SoftBank (SFTBY) may invest up to $40 billion, potentially valuing OpenAI at $260 billion. Wedbush expects OpenAI's board to formally reject the bid, but sees it as an added complication in Altman's efforts to secure further funding.
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