Dogecoin

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Elon Musk

<p>Tesla CEO Elon Musk reportedly dismissed OpenAI CEO Sam Altman’s proposal to launch a cryptocurrency token in early 2018, warning that such a move could severely damage the company’s credibility, according to a court filing.</p>
<p>“In January 2018, mere months after their September 2017 ‘enthusias[m],’ Altman proposed a scamworthy ‘ICO,’ or initial coin offering, that would have seen OpenAI, Inc. sell its own cryptocurrency,” Musk’s lawyers stated in a Nov. 14 filing with the U.S. District Court for the Northern District of California.</p>
<p>“Musk shot down this idea too, stating, ‘It would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO,’” the filing added.</p>
<h3 class="wp-block-heading" id="ico-plans-followed-for-profit-discussions">ICO plans followed for-profit discussions</h3>
<p>The court filing alleges that the ICO proposal came just months after Altman and current OpenAI president Greg Brockman sought to shift the organization from a nonprofit to a for-profit structure.</p>
<p>Musk’s lawyers noted that in September 2017, Altman and Brockman presented the for-profit idea, to which Musk responded, “Either go do something on your own or continue with OpenAI as a nonprofit.”</p>
<p>Musk reportedly gave them an ultimatum, writing, “I will no longer fund OpenAI until you have made a firm commitment to stay or I’m just being a fool who is essentially providing free funding for a start-up.”</p>
<h3 class="wp-block-heading" id="allegations-of-further-schemes">Allegations of further schemes</h3>
<p>The filing claims that shortly after Musk opposed the ICO, Altman and Brockman devised a plan to convert OpenAI into a for-profit structure.</p>
<p>“Altman and Brockman agreed among themselves to figure out a structure for an equity fundraise,” Musk’s lawyers argued.</p>
<h3 class="wp-block-heading" id="related-lawsuits">Related lawsuits</h3>
<p>On the same day as the filing, a separate class-action lawsuit accusing Musk of manipulating Dogecoin prices was withdrawn by the plaintiffs.</p>
<p>Cointelegraph reported that the plaintiffs chose not to seek further post-judgment relief from Musk or Tesla.</p>

Elon Musk Dismissed OpenAI CEO Sam Altman’s Crypto Proposal

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