Musk-Led Group Makes $97.4 Billion Bid to Control OpenAI
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OpenAI CEO Sam Altman has rejected a $97.4 billion bid from a group of investors led by Elon Musk to buy the non-profit that controls his company. The unsolicited offer is being backed by Musk's own artificial intelligence company XAI, which could merge with OpenAI following a deal.

Though Musk and Altman co-founded OpenAI as a charity in 2015, more recently the two have been battling over the direction of the company, with Musk saying in a statement provided by his lawyer that he wants to return the company to the, quote, open-source, safety-focused force for good it once was.

We are exclusively reporting that activist Elliott Investment Management has built a more than $2.5 billion stake in Phillips 66 and plans to push for operational changes at the Houston-based oil refiner to boost its stock.

According to people familiar with the matter, those could include selling or spinning off its midstream business, which transports oil and gas. Shares in Phillips 66 are up in off-hours trading. Its stock has fallen around 15% over the past year.

And South Korea's state-run think tank has cut its growth forecast for the country this year, citing President Trump's trade policy as a downside risk to exports. The Korea Development Institute now sees GDP growing at 1.6% in 2025, compared with a 2% forecast made in November.

Asian stocks have ended the day mostly in the red, European stocks are flat in midday trading, and US stock futures are slipping ahead of earnings from Coca-Cola, Marriott and others due out before the opening bell. And we have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

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