• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Elon Musk Rejected Cryptocurrency Proposal from OpenAI

user avatar

by Giorgi Kostiuk

a year 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Ethereum Sees Over $1 Billion in Buying Interest Despite Fed's Hawkish Policy

chest

Ethereum attracts over $1 billion in buying interest despite the Federal Reserve's hawkish policy, indicating long-term investor confidence.

user avatarGustavo Mendoza

Tether's Reserve Assets and Holdings

chest

Tether reported holding nearly $192 billion in reserve assets, primarily in US Treasuries, during the first quarter of 2026.

user avatarLuis Flores

Garlinghouse Discusses Clarity Act and Regulatory Landscape

chest

In a panel discussion at XRP Las Vegas, Ripple CEO Brad Garlinghouse addressed the Clarity Act, expressing frustration over the slow legislative process and emphasizing XRP's legal clarity.

user avatarRajesh Kumar

Ripple's Strategy Tied to Stablecoins and Banking Infrastructure

chest

Ripple CEO Brad Garlinghouse discussed the company's stablecoin strategy at XRP Las Vegas, focusing on RLUSD and the dual oversight from financial authorities, emphasizing Ripple's commitment to responsible practices and potential opportunities with a Federal Reserve master account.

user avatarMiguel Rodriguez

Tether Initiates First Full Audit with KPMG

chest

Tether has begun its first full audit with KPMG during the first fiscal quarter of 2026, aimed at enhancing transparency and addressing regulatory scrutiny.

user avatarArif Mukhtar

XRP Ledger's Energy Efficiency Highlights Its Advantages

chest

The XRP Ledger's energy-efficient consensus model positions it as a leading blockchain infrastructure.

user avatarMaria Gutierrez

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.