A consortium led by Elon Musk will withdraw its $97.4-billion bid for OpenAI's non-profit arm if the ChatGPT maker drops plans to become a for-profit entity, the billionaire's lawyers said in a court filing on Wednesday.

Elon Musk says he will abandon his $97.4 billion offer to buy the nonprofit behind OpenAI if the ChatGPT maker drops its plan to convert into a for-profit company.

Musk and a consortium of investors previously launched a bid to acquire OpenAI's non-profit arm for $97.4 billion. OpenAI CEO Sam Altman has rebuffed the offer, telling CNBC that the move is just an effort by Musk to "slow down a competitor.