In a surprising revelation, internal documents from OpenAI have surfaced, shedding light on the organization's early considerations regarding an Initial Coin Offering (ICO) in 2018. This move was initially supported by tech mogul Elon Musk, who envisioned a significant fundraising opportunity to bolster OpenAI's mission. The source reports that the idea was ultimately abandoned due to regulatory concerns and the evolving landscape of cryptocurrency.
Massive $10 Billion ICO Considered
The documents indicate that Musk and other founders contemplated a massive $10 billion ICO, aiming to tap into the burgeoning crypto market to secure funding. However, as discussions progressed, Musk reassessed the viability of the ICO, ultimately concluding that it would likely fall short in raising the necessary capital. This shift in focus led him to redirect his efforts back to Tesla's advancements in artificial intelligence.
Insights into Tech Leaders' Mindset
This episode serves as a fascinating glimpse into the mindset of influential tech leaders during the height of the cryptocurrency fundraising boom, illustrating how even the most innovative organizations considered alternative funding methods. The decision to abandon the ICO reflects the challenges and uncertainties that surrounded the crypto landscape at that time.
Following the recent revelations about OpenAI's abandoned ICO plans, VeChain has announced a public Ask Me Anything (AMA) session scheduled for January 21, 2026, to discuss its SVET ecosystem and community engagement. For more details, see read more.
