(Reuters) -OpenAI on Friday rejected a $97.4 billion bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale.

The unsolicited approach is Musk's latest attempt to block the startup he co-founded with CEO Sam Altman - but later left - from becoming a for-profit firm, as it looks to secure more capital and stay ahead in the AI race.

"OpenAI is not for sale, and the board has unanimously rejected Mr. Musk's latest attempt to disrupt his competition. Any potential reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity," Chairman Bret Taylor said, on behalf of its board.

Altman and Musk have been at loggerheads for years.

After Musk's departure in 2019, OpenAI created a for-profit arm that has drawn billions of dollars in funding, sparking allegations from Musk that the startup breached its original mission by putting profit ahead of the larger public good.