Elon Musk Dismissed OpenAI ICO Idea in 2018

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As a seasoned analyst with years of experience in the tech and finance industries, I find it intriguing to delve into the dynamics between Elon Musk and Sam Altman, two influential figures in the Silicon Valley landscape.

It’s said that Elon Musk, CEO of Tesla, rejected the proposal by OpenAI CEO Sam Altman to introduce a cryptocurrency back in 2018, expressing worries that it might harm their company’s public image.

The disclosure was made public through a document presented to the U.S. District Court for the Northern District of California on November 14th.

Musk’s legal team reported that Altman suggested a Cryptocurrency Sale (ICO) for OpenAI, where they intended to sell their digital currency. The proposal was deemed by them as “potentially fraudulent,” and Musk promptly dismissed it.

OpenAI and those connected with it would suffer a significant blow to their reputation if things went poorly with the ICO, according to Musk.

The ICO proposal emerged not long after a contentious idea put forth by Altman and Greg Brockman, president of OpenAI, who in 2017 encouraged Elon Musk to transform OpenAI from a non-profit to a profit-driven entity. Musk disagreed with the concept, advising them to either remain committed to the non-profit mission or pursue their own independent projects instead.

Musk had additionally warned that he would cease financing OpenAI unless the group promised to stay a charitable organization. Regardless of this, Altman and Brockman reportedly started drafting a strategy to transform OpenAI into a profit-driven entity.

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2024-11-16 11:32