Musk’s consortium, which includes VCs like Joe Lonsdale’s 8VC and SpaceX investor Vy Capital, is offering exactly $97.375 billion to buy out OpenAI, and says in the letter 100% of the purchase price “would be paid in cash.”

In a court filing on Wednesday, the company said Mr. Musk’s bid contradicted legal claims the billionaire made in a lawsuit he brought against OpenAI last year. OpenAI argued in its filing that Mr. Musk said in his lawsuit the assets must remain with the nonprofit and could not be transferred to another entity for public gain.

OpenAI's board rejected a $97.4-billion bid by an Elon Musk-led investment group to buy the San Francisco startup. OpenAI's board chair said the company is not for sale.

A recent report revealed that a consortium led by Elon Musk had placed a $97.4 billion bid on OpenAI. According to OpenAI’s CEO Sam Altman, it seems that the company has no intention of entertaining the bid.