OpenAI Board Rejects $97.4 Billion Musk Bid to Take Company (1)

OpenAI’s board of directors has formally rejected an offer from a group of investors led by Elon Musk to buy the nonprofit that controls the artificial intelligence company for $97.4 billion.

“OpenAI is not for sale, and the board has unanimously rejected Mr. Musk’s latest attempt to disrupt his competition,” Bret Taylor, OpenAI’s chairman, said in a statement Friday on behalf of the board.

Musk, who co-founded OpenAI a decade ago before going on to launch a rival AI startup, enlisted a group of wealthy allies for an unsolicited cash bid to buy the nonprofit’s assets. Other ...