Elon Musk Rejected OpenAI Cryptocurrency Proposal in 2018
Amid the ongoing legal battle between the two sides, new details have shown that Elon Musk rejected an OpenAI initial coin offering (ICO) to launch a cryptocurrency back in 2018. Indeed, the court filings from November 14th show the result of ongoing discussions between Sam Altman, Greg Brockman, and Musk regarding how to make the company more profitable.
Musk’s legal team claimed that both Altman and Brockman were in favor of the idea. However, the amended filing notes that the Tesla CEO opposed the position, stating that it would greatly affect the credibility of the generative AI development.
JUST IN: Elon Musk rejected Sam Altman’s 2018 proposal for OpenAI to launch a cryptocurrency, court filing reveals.
“It would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO,” Musk said. pic.twitter.com/LCQEJCW2H7
— Watcher.Guru (@WatcherGuru) November 15, 2024
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Musk Opposed OpenAI ICO Proposal, Court Filings Show
For much of the last two years, OpenAI has become a major player in the tech sector. Indeed, they can be viewed as a game changer, as the company was responsible for the generative AI boom that has dominated the industry. Specifically, its ChatGPT project has seen its meteoric rise influence companies across the country to try and compete.
At one point, Elon Musk was a key part of the company’s brain trust. However, a difference in perspective regarding the company’s direction led him to leave its board of directors in 2018. Now, new details are emerging from court records amid the legal battle between both sides.
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The X head sued OpenAI in August and filed an amended lawsuit against the AI developer. this week. Subsequently, court filings show that Elon Musk rejected an OpenAI ICO—thereby creating a cryptocurrency—that was proposed in 2018. Specifically, he stood against both Sam Altman and Greg Brockman, two of the company’s other board members.
According to the court filing, Musk said the plan “would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO.” In 2023, Altman launched his own Worldcoin project, issuing his own token. However, OpenAI has yet to launch a token, regardless of Musk’s departure.