Elon Musk and a group of investors are offering $97.4 billion to take control of OpenAI, according to The Wall Street Journal.

The bid is for the nonprofit that oversees OpenAI, and Musk's attorney, Marc Toberoff, submitted the offer on Monday.

OpenAI has become a significant player in generative AI, launching ChatGPT in 2022, and SoftBank is close to finalizing a $40 billion investment in OpenAI at a $260 billion valuation.

Musk is involved in a legal and public relations battle with OpenAI CEO Sam Altman, and Musk's offer is backed by xAI, which could merge with OpenAI if a deal occurs.

Other investors in Musk's bid include Valor Equity Partners, Baron Capital, 8VC, and Ari Emanuel's investment fund, and Toberoff has requested that bidding be opened up for OpenAI.