Musk’s consortium, which includes VCs like Joe Lonsdale’s 8VC and SpaceX investor Vy Capital, is offering exactly $97.375 billion to buy out OpenAI, and says in the letter 100% of the purchase price “would be paid in cash.”

In a court filing, Mr. Musk said he and other investors would pull their $97.4 billion bid if OpenAI withdrew its plan to change its structure.

Ownership of the nonprofit side of the business could give a Musk-led group a significant stake in the for-profit company.

A group of investors led by Elon Musk says it is offering $97.4 billion to buy OpenAI, escalating a legal dispute with the artificial intelligence company that Musk helped found.

In a court filing on Wednesday, the company said Mr. Musk’s bid contradicted legal claims the billionaire made in a lawsuit he brought against OpenAI last year. OpenAI argued in its filing that Mr. Musk said in his lawsuit the assets must remain with the nonprofit and could not be transferred to another entity for public gain.

OpenAI CEO Sam Altman has soundly dismissed a $97.4 billion takeover bid backed by rival Elon Musk, but the unsolicited offer is likely to add complications to Altman’s push to transform the maker of ChatGPT into a for-profit company.

A recent report revealed that a consortium led by Elon Musk had placed a $97.4 billion bid on OpenAI. According to OpenAI’s CEO Sam Altman, it seems that the company has no intention of entertaining the bid.