Musk’s consortium, which includes VCs like Joe Lonsdale’s 8VC and SpaceX investor Vy Capital, is offering exactly $97.375 billion to buy out OpenAI, and says in the letter 100% of the purchase price “would be paid in cash.”

OpenAI’s board has turned down Elon Musk’s $97.4 billion offer to buy the company’s assets.The rejection, which was delivered in a letter to the billionaire’s lawyer Friday, said the board decided the bid was “not in the best interests” of OpenAI’s mission.

Elon Musk says he is prepared to drop his attempt to buy OpenAI if the ChatGPT maker maintains its current structure.