OpenAI's board has not officially received Elon Musk's $97.4 billion takeover bid, despite claims from the Tesla CEO's legal team that the offer was sent.

What Happened: Musk earlier this week announced a bid to acquire the company. However, a source familiar with the situation told Reuters that OpenAI's board has not received any formal proposal.

Musk's attorney, Marc Toberoff told the publication that a four-page Letter of Intent outlining the bid was emailed to OpenAI's legal representatives at Wachtell, Lipton, Rosen & Katz.

See Also: OpenAI’s Sam Altman Looks To Raise Funds From Abu Dhabi’s MGX Amid Increased Competition: Report

“Whether Sam Altman chose to provide or withhold this from OpenAI’s other Board members is outside of our control,” he said.

At an AI summit in Paris, OpenAI CEO Sam Altman dismissed Musk's attempt outright, saying, "I have nothing to say. I mean, it’s ridiculous."

Adding, "The company is not for sale. It's another one of his tactics to try to mess with us."

Internally on Monday, Altman said that though the board had not formally reviewed the offer, it intends to reject it.

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Why It Matters: Musk, who co-founded OpenAI alongside Altman and others, left the company in 2018 due to disagreements over its direction.

Now, as OpenAI transitions to a for-profit model, Musk’s bid is seen by some, including Altman, as an attempt to “slow down a competitor.” 

The Tesla CEO co-founded and currently leads OpenAI rival, xAI. It was valued at $50 billion in November 2024. Meanwhile, ChatGPT-parent is reportedly raising $40 billion valuing it at $300 billion.

Photo courtesy: Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.