OpenAI’s board of directors has unanimously rejected a $97.4 billion takeover bid from Elon Musk and a group of investors. According to reporting by Cade Metz, Mike Isaac, and Jesus Jiménez in The New York Times, board chairman Bret Taylor stated that “OpenAI is not for sale.” The bid targeted the assets of OpenAI’s controlling nonprofit organization. This move by Musk comes amid his efforts to raise funding for his own AI company xAI, which is reportedly in talks for a financing round that could value it at $75 billion. The rejection deepens the ongoing conflict between Musk and OpenAI CEO Sam Altman, who is working to restructure the company to give more control to investors like Microsoft. California’s attorney general Robert Bonta has announced that his office is monitoring both OpenAI’s restructuring plans and Musk’s activities.