Elon Musk Rejected Cryptocurrency Proposal from OpenAI

user avatar

by Giorgi Kostiuk

2 years ago

Tesla CEO Elon Musk rejected OpenAI CEO Sam Altman's proposal to launch a cryptocurrency, citing concerns over the company's reputation.

Altman's ICO Proposal for OpenAI

According to a court filing submitted to the U.S. District Court for the Northern District of California on November 14, Sam Altman suggested an Initial Coin Offering (ICO) for OpenAI to sell its cryptocurrency. The filing described the idea as “scamworthy,” with Musk immediately rejecting it.

It would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO.Elon Musk

Controversy Over OpenAI's Transformation

The ICO proposal came after another controversial suggestion from Altman and OpenAI President Greg Brockman. In 2017, they urged Musk to transition OpenAI from a nonprofit to a for-profit organization. Musk opposed the idea, warning them to either stick to the nonprofit mission or pursue their own ventures.

Consequences and Musk's Decisions

Musk had also threatened to stop funding OpenAI unless the team committed to remaining a nonprofit. Despite this, Altman and Brockman allegedly began working on a plan to restructure OpenAI into a for-profit organization.

Musk's decision to reject Altman's proposal reflects his priority on maintaining OpenAI's reputation and adherence to its original nonprofit mission.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Open Interest Sees Slight Decline While Funding Rates Remain Positive

A recent snapshot of the Bitcoin derivatives market revealed that open interest has decreased by 0.69% over the past 24 hours, now standing at 768 billion. Despite this decline, the funding rate remains positive at 0.00035 per eight-hour interval, suggesting that long positions are still willing to pay shorts on perpetual contracts.

user avatarMaria Gutierrez

French Lawmakers Approve Amendment on Crypto Taxation

French lawmakers have approved an amendment to the 2027 budget that changes the taxation of gains when converting cryptocurrencies to stablecoins.

user avatarDavid Robinson

US Spot Ethereum ETFs Face Major Withdrawals Amid Market Shifts

US spot Ethereum ETFs faced net withdrawals of $3.201 billion in mid-October, surpassing Bitcoin fund withdrawals.

user avatarAndrew Smith

Richard Heart Detained in Istanbul Linked to Finnish Tax Investigation

Richard Heart, founder of HEX and PulseChain, has been detained by Turkish authorities in connection with a Finnish tax investigation.

user avatarJacob Williams

TD Cowen Increases Strive's Share Price Target Amid Bitcoin Holdings Surge

TD Cowen analysts raised Strive's share price target from 44 to 56 due to significant expansion of Bitcoin holdings to 35,595 BTC, noted in a research update on October 16.

user avatarZainab Kamara

Tether Invests in AI Infrastructure Startup AIsa

Tether has invested in AI infrastructure startup AIsa, contributing to its total funding of over $9 million to support autonomous AI applications.

user avatarSon Min-ho

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.