"Musk has accused Altman and OpenAI of breaking the AI firm's founding agreement by restructuring it into a for-profit enterprise, alleging that Altman essentially swindled him into co-founding the company and providing tens of millions in financial backing. Musk also claims Altman unjustly enriched himself in the process and is seeking the CEO's removal from OpenAI, the redistribution of $134bn to the firm's non-profit and the undoing of its for-profit conversion."
"OpenAI and Altman have rejected all of Musk's claims, arguing that he is motivated by jealousy after a failed bid to take over the AI firm in 2018 and a subsequent departure from its board. They argue that Musk was also always aware of plans to create a for-profit structure and that OpenAI's non-profit still oversees the for-profit business."
"Altman's testimony is one of the marquee moments of the three-week long trial, which has featured some of the biggest names in Silicon Valley, including Musk and Microsoft's CEO. The outcome of the case is hugely important for OpenAI, which is seeking to go public at around a $1tn valuation later this year. In the bitter feud between Musk and Altman, the reputational stakes are winner-takes-all."
"When Altman took the stand just before 9am local time in the Oakland, California federal courthouse, he began by recapping some of his career in tech before addressing some of Musk's allegations directly. You, as you know, have been accused of stealing a charity, OpenAI's lawyer asked Altman. What is your response to that? It feels difficult to even wrap my head around that framing, Altman responded."
Altman testified in a federal trial where Elon Musk accuses him and OpenAI of violating the company’s founding agreement by restructuring OpenAI into a for-profit enterprise. Musk alleges Altman induced him to co-found the company, provided tens of millions in backing, and then unjustly enriched himself, seeking Altman’s removal, redistribution of $134bn to the non-profit, and undoing the for-profit conversion. OpenAI and Altman reject the allegations, arguing Musk’s motivations stem from jealousy after a failed 2018 bid to take over OpenAI and later board departure. They contend Musk knew about plans for a for-profit structure and that the non-profit continues to oversee the for-profit business. The case is important for OpenAI’s planned IPO at about a $1tn valuation.
Read at www.theguardian.com
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