{"id":18662,"date":"2024-11-18T10:31:34","date_gmt":"2024-11-18T08:31:34","guid":{"rendered":"https:\/\/forklog.com\/en\/musk-rejects-proposal-for-openai-cryptocurrency-token\/"},"modified":"2024-11-18T10:31:34","modified_gmt":"2024-11-18T08:31:34","slug":"musk-rejects-proposal-for-openai-cryptocurrency-token","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/musk-rejects-proposal-for-openai-cryptocurrency-token\/","title":{"rendered":"Musk Rejects Proposal for OpenAI Cryptocurrency Token"},"content":{"rendered":"

In early 2018, Elon Musk dismissed a proposal from OpenAI CEO Sam Altman to launch a startup token. He perceived risks to the company’s reputation, according to updated court documents<\/a>. <\/p>\n

\n

\u201cIn January 2018, a few months after their \u2018enthusiasm\u2019 in September 2017, Altman proposed a fraudulent \u2018ICO\u2019 or initial coin offering, whereby OpenAI would sell its own cryptocurrency,\u201d stated the billionaire’s lawyers. <\/p>\n<\/blockquote>\n

Musk rejected the idea, stating that \u201cit would lead to a massive loss of trust in OpenAI and everyone associated with the ICO.\u201d <\/p>\n

According to the lawyers, the proposal came several months after an attempt to persuade Musk to change the firm’s corporate structure from non-profit to for-profit. <\/p>\n

\n

\u201cEither do something else, or continue working on OpenAI as a non-profit organization,\u201d the entrepreneur stated at the time. <\/p>\n<\/blockquote>\n

On August 5, Musk renewed a lawsuit<\/a> against OpenAI, claiming that the AI startup and its two founders \u2014 Altman and Greg Brockman \u2014 violated the company\u2019s founding agreement by prioritizing commercial interests over public good.<\/p>\n

\n

\u201cI will no longer fund OpenAI unless you make a firm commitment to stay, otherwise I\u2019m just acting like a fool who is essentially providing free funding to a startup,\u201d Musk wrote to Altman and Brockman at the time.<\/p>\n<\/blockquote>\n

Following this, they \u201cdeveloped a plan to transform into a commercial structure to attract equity capital,\u201d the documents state. <\/p>\n

Musk is one of the founders of OpenAI. He left the firm in 2018 after disagreements over its direction. In previous lawsuits<\/a>, he claimed to have been defrauded of more than $44 million.<\/p>\n

The amended document added new defendants: Microsoft, LinkedIn co-founder Reid Hoffman, and former OpenAI board member and Microsoft vice president Di Templeton. <\/p>\n

The lawsuit claims that OpenAI \u201cactively seeks to eliminate competitors\u201d like xAI, \u201csecuring promises from investors not to fund them.\u201d<\/p>\n

Earlier, media reported that OpenAI is in early-stage talks with the California Attorney General\u2019s office regarding the transformation of its corporate structure into a commercial business.<\/p>\n

In October, the startup raised $6.6 billion at a valuation of $157 billion. The high valuation depended on its ability to change its corporate structure and lift profit restrictions for investors. <\/p>\n","protected":false},"excerpt":{"rendered":"

In early 2018, Elon Musk dismissed a proposal from OpenAI CEO Sam Altman to launch a startup token. He perceived risks to the company’s reputation, according to updated court documents. \u201cIn January 2018, a few months after their \u2018enthusiasm\u2019 in September 2017, Altman proposed a fraudulent \u2018ICO\u2019 or initial coin offering, whereby OpenAI would sell […]<\/p>\n","protected":false},"author":1,"featured_media":18661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,1217,1190],"class_list":["post-18662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-elon-musk","tag-openai"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18662"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18661"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}