OpenAI’s board has rejected Elon Musk’s US$97.4 billion acquisition bid, said that “OpenAI is not for sale,” according to chairman Bret Taylor.

Musk, a co-founder of OpenAI, sought to return the company to its open-source and safety-focused roots, with support from investors like Valor Equity Partners and Baron Capital.

However, CEO Sam Altman called the bid an attempt to hinder progress, while legal counsel Andrew Nussbaum emphasized that competitors cannot dictate OpenAI’s mission.

Musk’s bid follows his lawsuits against OpenAI over its shift to a for-profit model. His legal team indicated a willingness to withdraw the bid if OpenAI abandoned its profit-driven approach.

The board’s decision comes as OpenAI explores fundraising with SoftBank, potentially valuing the company at US$300 billion.

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