SAN FRANCISCO (AP) — OpenAI says its board of directors has unanimously rejected a $97.4 billion takeover bid by Elon Musk. “OpenAI is not for sale, and the board has unanimously rejected Mr. Musk’s latest attempt to disrupt his competition,” said a statement Friday from Bret Taylor, chair of OpenAI’s board.

OpenAI’s board of directors has formally rejected a $97.4 billion bid by Elon Musk and other investors to purchase the company.

Elon Musk will drop his $97.4 billion bid to take over OpenAI if its board of directors stops the company’s conversion into a for-profit entity, a report said.