Elon Musk Dismissed OpenAI ICO Idea in 2018

Tesla CEO Elon Musk reportedly dismissed OpenAI CEO Sam Altman’s idea to launch a cryptocurrency token in 2018, citing concerns over its potential to damage its reputation. 

This was revealed in a court filing submitted to the U.S. District Court for the Northern District of California on November 14.  

Musk’s lawyers stated that Altman had proposed an Initial Coin Offering (ICO) for OpenAI, which would involve selling its cryptocurrency. The filing described the idea as “scamworthy,” adding that Musk immediately rejected it. 

“It would simply result in a massive loss of credibility for OpenAI and everyone associated with the ICO,” Musk reportedly said.  

The ICO proposal came shortly after another controversial suggestion from Altman and OpenAI president Greg Brockman. In 2017, they urged Musk to transition OpenAI from a nonprofit to a for-profit model. Musk opposed the idea, warning Altman and Brockman to either stick to the nonprofit mission or pursue their ventures.  

Musk had also threatened to stop funding OpenAI unless the team committed to remaining a nonprofit. Despite this, Altman and Brockman allegedly began working on a plan to restructure OpenAI into a for-profit organization.