Artificial intelligence (A.I.) start-up company OpenAI has rejected Elon Musk’s proposed $97.4 billion U.S. takeover offer.
In a letter to Musk’s attorney, OpenAI’s lawyer William Savitt said that OpenAI’s board of directors has determined that the offer is not in the best interest of the company.
In a written statement released to the media, OpenAI Board Chair Bret Taylor said that the company “is not for sale.”
The rejection comes days after Musk offered to buy OpenAI for $97.4 billion U.S., saying he wants to return the start-up to its nonprofit roots.
Shortly after Musk’s offer was made, OpenAI CEO Sam Altman wrote on social media platform X, formerly Twitter, “No thank you but we will buy Twitter for $9.74 billion if you want.”
Musk is the owner of X/Twitter.
Musk, and others, claim to be concerned with Altman’s plans to shift OpenAI to a for-profit business model.
Musk and Altman co-founded OpenAI but have had a falling out over the future direction of the company.
Elon Musk is currently suing OpenAI over breach of contract and to try and prevent its transition to a for-profit structure.
Both OpenAI and X are privately held companies. Their stocks do not trade on a public exchange.
