"Otherwise, the charity must be compensated by what an arms-length buyer will pay for its assets," it added.
On Monday, Musk, along with his artificial intelligence company xAI and a consortium of investors, launched a bid to acquire OpenAI's non-profit arm for $97.4 billion, accusing the firm and its CEO Sam Altman of abandoning its original mission to develop AI for good and of pursuing profits instead.
Altman has rebuffed the offer, telling CNBC that the move is just an effort by Musk to "slow down a competitor."