A Court Filing Reveals Elon Musk Flatly Rejected OpenAI’s ICO in 2018.

(VOR News) – Elon Musk, the billionaire and CEO of Tesla, claims in a subsequent court filing that was submitted on November 14 that he was successful in stopping OpenAI from doing an initial coin offering (ICO) in 2018.

According to the filing requirements, this information was disclosed.

Musk and his legal team have claimed that two of OpenAI’s founders, Greg Brockman and Sam Altman, tried unsuccessfully to create a token in early 2018 to help the company grow. To the best of our knowledge, this was the founders’ intention.

Elon Musk accurately described the scenario.

Elon Musk made the remark during the pertinent time period, according to the lawsuit’s accusations.

This, in his opinion, would lead to a significant decline in trust in OpenAI and everyone involved in the initial coin offering (ICO). These statements are extracted from his initial declaration.

A unique project backed by Altman, Worldcoin launched a token twenty-three years ago with the goal of creating digital identification for verified individuals.

Furthermore, the company in charge of token distribution was Worldcoin. Through the use of the token, Worldcoin was able to authenticate individual identities.

When OpenAI was first founded, it was a nonprofit organization dedicated to creating safe artificial general intelligence (AGI).

In this context, the acronym AGI stands for artificial global intelligence. “Musk has continuously voiced concern about the grave threat that these sophisticated systems pose to humanity,” his attorney wrote in the complaint. These sophisticated technologies represent a serious threat to humankind.

“Musk remains apprehensive regarding this threat.” “Musk regards these threats with the utmost seriousness.” “Elon Musk has harbored these concerns for an extended period.”

This led to Musk joining OpenAI’s board of directors and continuing to serve as co-chair of the board. Furthermore, he was appointed to that board of directors post.

Elon Musk contributed $44 million to the enterprise.

OpenAI declared in a March 5th news release that it was imperative that the company adopt a profit-making structure in order to obtain the necessary funding to achieve its objectives. In order to enable OpenAI to fulfill its objectives, this transition was necessary.

According to both the OpenAI statement and the amended filing, Elon Musk advocated for the combination of OpenAI and Tesla to help the artificial intelligence startup with its financial issues.

The aforementioned measures were implemented to mitigate the challenges that the organization was facing at that specific moment. Musk submitted his resignation as an OpenAI employee in February 2018.

He founded his own artificial intelligence company, which he named XAI, in the ensuing years. His efforts directly led to the achievement he achieved.

We are deeply disappointed that our friendship with someone we have always held in the highest respect has deteriorated.

As we started to make significant strides toward OpenAI’s goal on our own, this person, who had previously motivated us to achieve greater heights, abruptly predicted that we would fail, established a rival company, and filed a lawsuit against us, according to the group’s press release.

In August of this year, Musk filed a lawsuit against OpenAI and its CEOs, Altman and Brockman, claiming that they had violated federal RICO statutes, engaged in unfair competition, and committed fraud. OpenAI is the target of legal action taken by Elon Musk.

According to Elon Musk, they have engaged in additional illegal activity. Microsoft was named as one of the defendants in the dispute in the updated complaint, which was submitted on November 14.

It’s being presented as a case at the moment. Microsoft and OpenAI started working together in 2019, and Microsoft committed $1 billion in the partnership.

In July 2023, OpenAI’s native cryptocurrency, Worldcoin (WLD), was made available to the general public. Not too long ago, an article published by The Block disclosed this knowledge. When the market closed on November 15 at 11:36 p.m. Eastern Time (16:36 UTC), the price of a share of WLD was $2.21.

SOURCE: TB

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