Elon Musk said he would withdraw his $97.4 billion bid for the nonprofit that controls OpenAI if the board stopped its conversion to a for-profit company

Elon Musk says he will abandon his $97.4 billion offer to buy the nonprofit behind OpenAI if the ChatGPT maker drops its plan to convert into a for-profit company.

“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 the billionaire said in a filing to a California court on Wednesday.

“Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets.”

Musk and a group of investors made their offer earlier this week, in the latest twist to a dispute with the artificial intelligence company that he helped found a decade ago.

OpenAI is controlled by a nonprofit board bound to its original mission of safely building better-than-human AI for public benefit. Now a fast-growing business, it unveiled plans last year to formally change its corporate structure.

Musk and his own AI startup, xAI, and a consortium of investment firms want to acquire the nonprofit’s controlling stake in the for-profit OpenAI subsidiary.

OpenAI CEO Sam Altman quickly rejected the unsolicited bid in a post on social media and told questioners at a Paris summit on AI that the company is not for sale. The chair of OpenAI’s board, Bret Taylor, echoed those remarks at an event Wednesday.