OpenAI CEO Sam Altman said his company would reject Elon Musk’s $97.4 billion bid for it as it transitions partly into becoming a for-profit company.

Altman rejected Musk’s bid on X, writing “No thank you but we will buy twitter for $9.74 billion if you want.”

Musk and Altman started OpenAI in 2015 as a nonprofit group, but Musk left it in 2019. Altman then created a for-profit subsidiary, which has received funding from Microsoft and other investors, but now he is seeking to transition the subsidiary into a traditional company.

“If Sam Altman and the present OpenAI Inc. board of directors are intent on becoming a fully for-profit corporation, it is vital that the charity be fairly compensated for what its leadership is taking away from it: control over the most transformative technology of our time,” Musk’s lawyer, Marc Toberoff, told the Wall Street Journal.

Despite Musk’s large bid, it is unlikely that OpenAI will accept it, given that the OpenAI board is more mission-driven.

Musk’s own AI projects, including Grok chatbot xAI, haven’t been nearly as successful as OpenAI, but if he wins the bid, he will be able to merge his company with OpenAI.

Altman told Bloomberg TV anchor Tom Mackenzie that he just wished Musk would work to make a better product rather than try to acquire OpenAI. Altman said Musk’s bid for OpenAI is likely rooted in insecurity.

“Probably his whole life is from a position of insecurity, I feel for the guy. … I don’t think he’s, like, a happy person,” Altman said.

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Musk’s bid for OpenAI comes in the wake of President Donald Trump announcing the Stargate project, in which the administration would work to acquire $500 billion to build infrastructure for OpenAI.

Musk, who has since become a close confidant of Trump, bashed Stargate, saying that its backers did not have the money, and called Altman a “swindler.”