OpenAI's board has not yet received a formal bid from an Elon Musk-led consortium, although a lawyer for the billionaire said the offer had been sent to OpenAI's outside counsel. A day after Musk publicized a bid to offer $97.

Elon Musk submitted a $97.4 billion bid for OpenAI's nonprofit arm. It's likely to be rejected — but it could complicate OpenAI's efforts to convert to a for-profit.

The tech mogul is unlikely to win. But his goal may be more about making life difficult for the A.I. start-up and its leader, Sam Altman.