San Francisco, Feb 15: Sam Altman-run OpenAI on Saturday rejected billionaire Elon Musk’s offer to buy the nonprofit company for $97.4 billion.

In a statement on X social media platform, Bret Taylor, Board Chair of OpenAI, called Musk’s bid “an attempt to disrupt his competition.”

“OpenAI is not for sale, and the board has unanimously rejected Mr. Musk’s latest attempt to disrupt his competition,” Taylor posted.

“Any potential reorganisation of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity,” said Taylor on behalf of the OpenAI Board of Directors.

According to reports, OpenAI has also sent a letter to Musk’s lawyer, saying that the bid was not in the best interests of its mission.

Earlier this week, Musk’s AI company, xAI, and a group of investors offered to buy OpenAI’s nonprofit for $97.4 billion.

Altman and the company’s board of directors dismissed the unsolicited proposal.

In a statement, Andy Nussbaum, the counsel representing OpenAI’s board, said Musk’s bid “doesn’t set a value for OpenAI’s nonprofit” and the nonprofit is “not for sale.”

Musk was an OpenAI co-founder and brought a lawsuit against the company and Altman, alleging that OpenAI engaged in anticompetitive behaviour and fraud, among other offences.

In October last year, Musk filed for a preliminary injunction against OpenAI for alleged anti-competitive behaviour.

The motion for an injunction accused OpenAI, its CEO Altman, President Greg Brockman, Microsoft, LinkedIn co-founder and former OpenAI board member Reid Hoffman, and former OpenAI board member and Microsoft VP Dee Templeton of “various illicit activities and seeks to halt them”.

The allegations also included converting OpenAI’s governance structure to a for-profit and “transferring any material assets, including intellectual property owned, held, or controlled by OpenAI, Inc., its subsidiaries, or affiliates.”

OpenAI said in a statement that “Elon’s fourth attempt, which again recycles the same baseless complaints, continues to be utterly without merit.”

The AI company had earlier called the lawsuit “blusterous” and baseless.

The constant upgradation of AI and IoT have taken every industry by storm. Well, the auto sector seems to have gotten a different glowup with the incorporation of new-age tech. From the Aston Martin Valhalla’s incorporated F1 technology to Lamborghini Revuelto’s triple electric motor, tech is ruling the auto sector!

To be specific, the use of new age tech has given birth to supercars. Supercars are adding systems that dynamically adjust aerodynamic elements like diffusers, and air intakes in real-time to optimize drag and downforce as per driving conditions. For example the ALA (Aerodinamica Lamborghini Attiva) system in the Lamborghini Huracán Performante. In a candid discussion with Free Press Journal, Jatin Ahuja, MD and founder, BBT and Kunal Maini, CEO,CCI on how IoT, AI and automation has made supercars people’s favourite.

How do you think new age tech (IoT, AI) has enhanced supercars

The new-age tech like AI and IoT has significantly elevated the supercar experience. From enhancing performance to providing cutting-edge features, Supercars are now equipped with AI-powered systems that optimise everything from suspension settings to powertrain management which gives the driver an unparalleled experience. IoT integration allows for real-time diagnostics and performance analysis ensuring that every drive is as efficient and thrilling as possible.

At our BBT showroom, we also aim to bring these high-tech vehicles to ensure that our customers have access to the latest tech in luxury cars through an intuitive online platform.

How has tech upgraded the auto sector?

From electric vehicles to AI-powered systems, the role of technology is transformative. For example, connected cars now have the ability to self-diagnose issues, optimise driving patterns and offer real-time data to the driver. The rise of AI and IoT in the automotive ecosystem has made the buying process more personalised, allowing us to curate a more tailored experience for customers.

We see stronger focus on sustainability with electric and hybrid vehicles becoming more prominent. At CCI, we aim to simplify the buying process by incorporating advanced online tech, ensuring that the entire experience from browsing to buying is as seamless as possible.

AI and Automation are creating a craze among users. How do you think this has impacted their buying pattern?

Today’s customers are seeking a seamless, efficient and highly personalised buying experience. Whether they’re visiting our expansive showrooms or browsing through our online platform at CCI, we strive to offer a smooth journey.

For instance, CCI was designed with the customer in mind, catering to those who prefer an entirely digital experience with transparent pricing, no hidden charges and quick transactions. This shift toward more tech-enabled car buying empowers our customers to make well-informed decisions and the growing demand for digital platforms underscores the need for a smooth and automated process in the auto industry.

AI is revolutionizing India’s fast-growing shared mobility sector. What are your views on this?

While Big Boy Toyz and Cars.co.in focus on luxury vehicles, the broader automotive landscape, including shared mobility, is being shaped by these advancements. In fact, AI is enabling companies to forecast demand, optimise fleets and ensure that customers get a high-quality experience every time. As the shared mobility industry grows in India, we anticipate that luxury car rental platforms will also expand here just like in other countries and AI will allow these platforms to offer more convenience, customisation and efficiency.

What is the future of supercars?

The integration of advanced technologies like AI, IoT and autonomous driving will enhance the supercar experience, allowing for smarter and more dynamic driving experiences. The vehicles of tomorrow will likely feature fully autonomous capabilities. There are challenges to that idea but advanced real-time data analysis and even more efficient and high-performing powertrains will make a thumping difference.

Supercar manufacturers are also pushing the envelope on design and innovation and we as the front runners of the pre-owned car segment will continue to provide our customers with access to the best and most advanced supercars. These cars will remain a symbol of status and cutting-edge technology, but they’ll evolve to align with the growing demand for sustainability and connectedness.

Queues of people were seen outside Mumbai-based New India Co-operative Bank as worried customers want to withdraw their money after the Reserve Bank of India (RBI) on Thursday imposed several restrictions, including on the withdrawal of funds by depositors, amid supervisory concerns.

Account holders gathered outside the Vijayanagar branch in Andheri, Mumbai. Customers are confused about when they will get their money. Some even said that the bank is not responding to their queries and even its customer support services and app are not functioning.

Most of the people gathered outside the bank are senior citizens. Bank officials have given coupons to those standing in queue. According to them, customers can use these coupons to access their lockers.

The Reserve Bank’s Directions to New India Co-operative Bank, Mumbai came into force from the close of business on Thursday and would remain in force for a period of six months and are subject to review.

“Considering the bank’s present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor.,” the RBI said.

The lender, however, is allowed to set off loans against deposits subject to the conditions stated in the above RBI Directions.

It may incur expenditure in respect of certain essential items such as salaries of employees, rent, and electricity bills.

RBI further said that from the close of business on February 13, 2025, the bank shall not, without prior approval, grant or renew any loans and advances, make any investment, and incur any liability, including acceptance of fresh deposits.

“These directions are necessitated due to supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of depositors of the bank,” the central bank said.

Further, eligible depositors would be entitled to receive deposit insurance claim amount of their deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).