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.

Billionaire Elon Musk will drop his $97.4 billion bid to buy the nonprofit that controls OpenAI if the company drops its push to convert to a for-profit entity, his legal team says, as a feud between Musk and OpenAI CEO Sam Altman—who rejected Musk’s initial offer—continues to escalate.

After claiming he led a group of investors to purchase OpenAI, the creator of ChatGPT, Elon Musk said he would drop its bid if the artificial intelligence leader remained a nonprofit.