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Elon Musk Once Backed $10B OpenAI ICO Before Exiting, Internal Notes Show

Elon Musk Once Backed $10B OpenAI ICO Before Exiting, Internal Notes Show

Author:

Global Cryptocurrency

Published:

2026-01-17 12:22:01

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BTCCSquare news:

Internal documents reveal Elon Musk advocated for a $10 billion initial coin offering (ICO) in early 2018 to fund OpenAI's projects through a for-profit arm. The plan, discussed with OpenAI President Greg Brockman in 2017, collapsed when Musk demanded full control of the venture. OpenAI rejected both his proposed takeover and a merger with Tesla.

Musk's abrupt departure left the AI startup scrambling for alternatives. The company ultimately adopted its current hybrid structure—a nonprofit controlling a public benefit corporation now valued at $130 billion. Musk later sued OpenAI for breach of charitable trust, though the company contends his indirect contributions negate legal standing.

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