09:07 AM EST, 02/13/2025 (MT Newswires) -- Elon Musk and his consortium of investors will withdraw their $97.4 billion bid for the nonprofit that controls Microsoft ( MSFT )-backed (MSFT) OpenAI as long as the ChatGPT maker stops its conversion into a for-profit entity, lawyers representing Musk said in a court filing Wednesday.

"If OpenAI, Inc.'s Board is prepared to preserve the charity's mission and stipulate to take the 'for sale' sign off its assets by halting its conversion, Musk will withdraw the bid," the filing to the US District Court for the Northern District of California said. "Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets."