OpenAI on Friday rejected a $97.4 billion bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale and that any future bid would be disingenuous.

The unsolicited approach is Musk’s latest attempt to block the startup he co-founded with OpenAI CEO Sam Altman — but later left — from becoming a for-profit firm, as it looks to secure more capital and stay ahead in the artificial intelligence race.

Musk’s lawyer Marc Toberoff, in a statement, responded that OpenAI is putting control of the for-profit enterprise up for sale, and said the move will “enrich its certain board members rather than the charity.”

OpenAi in late December had outlined plans to revamp its structure, saying it would create a public benefit corporation to make it easier to “raise more capital than we’d imagined,” and remove the restrictions imposed on the startup by its current nonprofit parent.

Altman on Monday had rebuffed the consortium’s offer with a “no thank you” posted on X, prompting Musk to retort: “swindler.” On Tuesday, Altman told news website Axios that OpenAI was not for sale.

Source: FINANCE.YAHOO