Elon Musk and group of investors have offered to pay $97.4 billion "in cash" for the operating assets of OpenAI, according to the official letter of intent which sets a May 10 deadline for the offer to be accepted or rejected.

In a court filing on Wednesday, the company said Mr. Musk’s bid contradicted legal claims the billionaire made in a lawsuit he brought against OpenAI last year. OpenAI argued in its filing that Mr. Musk said in his lawsuit the assets must remain with the nonprofit and could not be transferred to another entity for public gain.

Musk's court filings assert that OpenAI's assets must remain within a charitable trust and should not be transferred for private gain. That contrasts with his proposed acquisition