OpenAI’s board unanimously rejected Elon Musk’s $97.4 billion takeover offer, with chairman Bret Taylor calling it an attempt to disrupt competition.

OpenAI CEO Sam Altman had previously stated the company wasn’t for sale, and the board’s decision reinforces this stance.

Musk’s offer, which came from a consortium of entities, included conditions that OpenAI deemed not in its best interest.

OpenAI is currently separating its nonprofit board from its for-profit business, and Musk’s bid targeted the latter, Axios has reported.

Musk has not yet commented on the rejection.

Written by B.C. Begley