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

A lawyer for Elon Musk said the billionaire will withdraw his bid for OpenAI's nonprofit if OpenAI's board of directors agree to terms.

Elon Musk’s all-cash bid to buy OpenAI debunks arguments he’s making in court that the artificial intelligence startup’s assets cannot be “transferred away” for “private gain,” lawyers for the maker of ChatGPT and chief executive officer Sam Altman said in a court filing.