- Elon Musk said Wednesday he'll drop his bid for OpenAI if it stops its move to a for-profit entity.
- On Monday, a Musk-led group made an unsolicited $97.4 billion bid for OpenAI's nonprofit arm.
- OpenAI boss Sam Altman has said the company is "not for sale."
Elon Musk has said he'll drop his $97.4 billion bid for OpenAI if the company halts its transition into a for-profit entity, according to court filings.
"If OpenAI, Inc.'s Board is prepared to preserve the charity's mission and stipulate to take the 'for sale' sign off its assets by halting its conversion, Musk will withdraw the bid," lawyers for Musk wrote in a Wednesday filing in a California federal court.
"Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets."
On Monday, a Musk-led group of investors made an unsolicited bid for "all assets" of OpenAI, Inc. Sam Altman, the CEO of OpenAI, has dismissed the move and said the company is "not for sale."
According to the Wednesday filing, Altman rejected Musk's offer before OpenAI's board had even reviewed it.
Musk's lawyers said that OpenAI's leadership is acting against the nonprofit's best interests by pushing forward with a for-profit conversion. They said this would ultimately benefit Altman and a select group of investors rather than the organization's original mission of developing AI for the public good.
Altman hit back at Musk on Tuesday at a Paris AI summit, describing the bid as an effort to stifle a competitor, adding he doesn't think the Tesla boss is a "happy person."
Representatives for OpenAI and Musk did not immediately respond to a Business Insider request for comment.
