A group of investors led by Elon Musk has made a $97.4 billion bid to buy the nonprofit that controls OpenAI, according to two people familiar with the bid, escalating a yearslong tussle between Mr. Musk and OpenAI’s chief executive, Sam Altman.

The consortium includes Vy Capital and Xai, Mr. Musk’s A.I. company, and other investors, said the people, who spoke on condition of anonymity because the discussions are ongoing.

The Wall Street Journal earlier reported news of the letter.

This is a developing story. Check back for updates.