In a recent court document submitted on Wednesday, an attorney representing Elon Musk indicated that the billionaire would retract his substantial $97.4 billion offer for OpenAI’s nonprofit if the organization’s board commits to maintaining its charitable mission and halts the shift towards a for-profit structure.

The document, filed in the U.S. District Court for the Northern District of California, asserts that Musk’s intention to acquire the nonprofit is genuine, emphasizing that the organization deserves appropriate compensation equivalent to what a neutral buyer would pay for its assets.

“If the charity’s assets are put up for sale, a consortium led by Musk has made a legitimate offer that would support the charity’s mission,” the filing states. “However, if the Board of OpenAI, Inc. is inclined to uphold the charity’s purpose and agrees to withdraw its assets from being listed for sale by stopping the conversion, Musk will cancel his proposal.”

This latest filing marks a new chapter in an ongoing narrative that started on Monday when Musk, his AI firm xAI, and a collective of investors submitted a bid of $97.4 billion for the nonprofit overseeing OpenAI. OpenAI’s CEO, Sam Altman, along with the organization’s board, swiftly rejected the unsolicited offer. Andy Nussbaum, the legal representative for OpenAI’s board, remarked in a statement that Musk’s proposal “fails to establish a value for [OpenAI’s] nonprofit” and stressed that the nonprofit is “not for sale.”

As a co-founder of OpenAI, Musk previously filed a lawsuit against the organization and Altman, alleging various claims including anticompetitive conduct and fraud.

Originally founded as a nonprofit, OpenAI transitioned to a “capped-profit” model in 2019. The nonprofit continues to hold sole control over the capped-profit OpenAI corporation, which is still bound by the fiduciary responsibilities of its original charitable charter. Currently, OpenAI is undergoing another restructuring, aiming for a traditional for-profit model, specifically as a public benefit corporation. Musk is seeking to block this transition through his legal action.

In a previous filing on Wednesday, OpenAI’s lawyers characterized Musk’s attempt to seize control as “an inappropriate effort to undermine a competitor,” contending that it contradicts his statements in court regarding the charity’s mission and the repercussions of asset transfers due to the restructuring.