Musk says he’ll pull his $97.4 billion OpenAI bid if the ChatGPT maker remains a nonprofit

if it agrees to “preserve its mission” and remain a nonprofit organization.

maker agreed to “take the ‘for sale’ sign off.”

founder Sam Altman.

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

OpenAI is controlled by a nonprofit board bound to its original mission of safely building better-than-human AI for public benefit. Last year, following rapid growth to the business, it revealed plans to formally change its corporate structure.

private company xAI, which recently raised $6 billion in new investor funds.

summit on AI that the company is not for sale.

He and Musk have been feuding for some time over OpenAI, which they co-founded in 2015.

In the time since the operation’s inception, the pair have been driven apart by disputes over several issues, including whether OpenAI should be run for profit. Musk resigned from its board in 2018.

Altman previously said that Musk was an “unhappy” person who is motivated by “insecurity.” After Musk announced his bid for OpenAI, Altman joked that he would instead buy X for $9.74 billion, a tenth of the price.

Since then the two have traded barbs online, with Mr Musk calling the OpenAI boss “Scam Altman.”

The Associated Press contributed to this report.

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