Elon Musk ‘shot down’ OpenAI’s ICO plan in 2018 over credibility concerns
According to a court filing, Elon Musk said that the proposed initial coin offering (ICO) “would simply result in a massive loss of credibility for OpenAI.”
Tesla CEO and tech entrepreneur Elon Musk dismissed OpenAI CEO Sam Altman’s proposal to launch a cryptocurrency token in early 2018, warning that it could severely harm the reputation of the company, according to a recent court filing.
“In January 2018, mere months after their September 2017 “enthusias[m],” Altman proposed a scamworthy “ICO,” or initial coin offering, that would have seen OpenAI, Inc. sell its own cryptocurrency,” Musk’s lawyers declared in a filing with the United States District Court for the Northern District of California on Nov. 14.
“Musk shot down this idea too, stating “it would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO,” the lawyers added.
ICO plans came months after for-profit proposal
Musk’s lawyers further explained that the proposal came just months after attempting to convince Musk — who cofounded OpenAI along with Sam Altman — to shift the firm from a non-profit to a for-profit model.
On Aug. 5, Musk renewed the lawsuit against OpenAI and Altman after appearing to have dropped the case in June. Musk sued the company in February for allegedly violating promises to operate as a nonprofit.
In September 2017, when Altman and current president Greg Brockman proposed the for-profit idea, Musk was allegedly against it and said to “either go do something on your own or continue with OpenAI as a nonprofit.”
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Musk gives ultimatum to Altman and Brockman
“I will no longer fund OpenAI until you have made a firm commitment to stay or I’m just being a fool who is essentially providing free funding for a start-up,” Musk wrote to Altman and Brockman.
The lawyers further alleged that just weeks after Musk “stopped their second get-rich-quick scheme,” Altman and Brockman devised a plan to “convert to a for-profit structure.”
“Altman and Brockton agreed among themselves to figure out a structure for an equity fundraise,” the lawyers stated.
The allegations were submitted to the court on the same day that a separate court case against Musk was withdrawn.
A 2022 class-action lawsuit filed against Musk and Tesla — alleging that the businessman manipulated the price of Dogecoin through media appearances and social media posts — was withdrawn by the plaintiffs on Nov. 14.
Cointelegraph reported that the plaintiffs agreed to withdraw their appeal from the Second Circuit Court of Appeals and not seek any post-judgment relief from Musk and the automotive company.
