OpenAI on Friday rejected a $97.4 billion bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale. The unsolicited approach is Musk’s latest attempt to block the startup he co-founded with CEO Sam Altman — but later left — from becoming a for-profit firm,

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.”

Bret Taylor, the chairman of OpenAI’s board, said the artificial intelligence company was “not for sale.” Mr. Musk is separately raising money for his A.I. start-up, xAI.