OpenAI on Friday rejected a $97.4bn bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale.

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

“OpenAI is not for sale, and the board has unanimously rejected Mr Musk’s latest attempt to disrupt his competition. Any potential reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity,” OpenAI said on X, quoting its chair Bret Taylor, on behalf of its board.

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

The consortium led by Musk, including his AI startup xAI, would withdraw its bid for OpenAI’s non-profit arm if it drops plans to become a for-profit entity, the billionaire’s lawyers said in a court filing on Wednesday.

“Two days ago, you filed a pleading in court adding new material conditions to the proposal. As a result of that filing, it is now apparent that your clients’ much publicized ‘bid’ is in fact not a bid at all,” the OpenAI board said, according to a letter signed by William Savitt, a lawyer representing the company, sent to Musk’s lawyer Marc Toberoff on Friday.

Other investors in the consortium include Valor Equity Partners, Baron Capital and Hollywood power broker Ari Emanuel.

Altman and Musk have been at loggerheads for years.

After Musk’s departure in 2019, OpenAI created a for-profit arm that has drawn billions of dollars in funding, sparking allegations from Musk that the startup breached its original mission by putting profit ahead of the larger public good.

Musk sued Altman, OpenAI, and its biggest backer Microsoft in August last year for the alleged breach of contract.

In November, Musk asked a US district judge for a preliminary injunction to block OpenAI from moving to a for-profit structure.