OpenAI CEO Sam Altman has rejected a $97.4 billion (£78.4 billion) takeover bid led by Elon Musk, stating that the company is “not for sale.”

Speaking at the AI Action Summit in Paris, Altman reaffirmed OpenAI’s commitment to its mission, saying,

“We are an unusual organisation and we have this mission of making AGI (artificial general intelligence) benefit all of humanity, and we are here to do that.”

The bid, first reported by the Wall Street Journal, was backed by Musk’s AI firm, xAI, and targeted OpenAI’s non-profit governing entity.

In a press release, Musk justified the move, stating, “It’s time for OpenAI to return to the open-source, safety-focused force for good it once was. We will make sure that happens.”

Musk’s offer escalates an ongoing feud with Altman, which dates back to his resignation from OpenAI’s board in 2018.

The two are already entangled in a lawsuit, with Musk accusing OpenAI of abandoning its original commitment to open-source AI in favor of profit-driven motives.

A federal judge in California recently indicated that the legal battle could extend well into 2027.

Altman, in a pointed response to Musk’s bid, posted on X (formerly Twitter), “no thank you but we will buy twitter for $9.74 billion if you want.”—a reference to Musk’s controversial $44 billion acquisition of the platform in 2022.

With OpenAI standing firm against Musk’s takeover attempt, the rivalry between the two tech visionaries is set to continue, both in the courtroom and in the AI race.