The OpenAI board has rejected Musk's proposal to acquire the company.

The OpenAI board of directors rejected billionaire Elon Musk's offer to purchase the company for $97.4 billion. One of the executives, Bret Taylor, stated that OpenAI is not for sale.

This was reported by RBK-Ukraine citing The Hill.

Earlier this week, OpenAI's CEO Sam Altman indicated that he is not considering Musk's proposal.

"I think he's probably just trying to slow us down. It's clear that he is a competitor," Altman said in an interview with Bloomberg when asked if he takes Musk's offer seriously.

Meanwhile, Musk's attorney Mark Toberoff stated on February 14 that he was not surprised by OpenAI's rejection of the offer. He also dismissed OpenAI's claim that the company is not for sale amid its transition to a commercial basis.

"Of course, they are putting the assets of a charitable organization (control over a commercial enterprise) up for sale. That's what their 'reorganization' is about; they are simply selling it to themselves for a lower price than Musk offered, enriching board members, Altman, Brockman, and others, rather than the charity, as in a classic self-serving deal," he added.

The Hill notes that at the end of December, OpenAI announced plans to restructure the company into a public benefit corporation. The artificial intelligence development firm, which started as a nonprofit organization, now has a unique structure where a nonprofit controls a commercial entity.

Recall that on February 11, Musk announced a $97.4 billion offer to purchase the nonprofit division of OpenAI. A group of investors led by Musk's company xAI submitted a purchase proposal to the OpenAI board of directors.

Additionally, Musk's intentions regarding the purchase were made known a little earlier, on February 10.