OpenAI Says Investors Must Receive $250 Billion Before Nonprofit Receives Any Payout
In Elon Musk's case against OpenAI, corporate witness Robert Wu said Microsoft and other investors must receive roughly $250 billion before the nonprofit arm sees a dollar. He said that threshold rises 20% a year starting in 2025, adding new detail to the economics facing the nonprofit after OpenAI's restructuring.
OpenAI President Greg Brockman also testified that the company expects compute spending of about $50 billion this year, up from around $30 million in 2017. Expanding on earlier testimony that Musk sought 62.5% of OpenAI's for-profit entity in exchange for a $100 million investment, Brockman read diary notes quoting Musk as saying AGI was keeping him awake at night and said Musk wanted majority control partly to fund an $80 billion city on Mars.
From the sources (25 posts)
@businessOpenAI co-founder and President Greg Brockman said his stake in the startup is now worth nearly $30 billion, making him one of the larger individual shareholders in the ChatGPT maker.
@stockmktnewzOpenAI co-founder and President Greg Brockman said his stake in OpenAI is now worth ~$30 billion - Bloomberg
@wallstengineOpenAI President Greg Brockman said in court that his stake in the company is now worth close to $30B. He also said OpenAI’s nonprofit arm now holds a stake worth about $200B after the company’s for-profit restructuring.
@stocksavvyshayOpenAI President and co-founder Greg Brockman said in court that his stake in the company is now worth ~$30B. He also said OpenAI’s nonprofit arm now holds a stake worth ~$200B after the company’s for-profit restructuring.
@polymarketmoneyOpenAI President Greg Brockman said in court that his stake is worth nearly $30B.
@wsjThe second week of a blockbuster trial between Elon Musk and OpenAI kicked off Monday with questions about the finances of the startup’s president, Greg Brockman.
@theinformationIn today's AI Agenda newsletter, @rocketalignment recaps Greg Brockman's turn on the stand. Elon Musk's lawyer relentlessly questioned the OpenAI co-founder and president about his financial stake in the AI giant and companies it does bus
@mtsliveLIVE TRIAL UPDATE: Brockman testifies Musk secretly recruited Andrej Karpathy to run Tesla Autopilot, telling OpenAI the move would generate donations for the nonprofit. The departure forced OpenAI to conduct a layoff of 5-10 employees.
@mtsliveLIVE TRIAL UPDATE: Brockman testifies he and Ilya Sutskever calculated it would take 15 years of standard computing progress to build AGI, until they discovered Cerebras hardware could potentially get them there in 5 years. Per Brockman's
@mtsliveLIVE TRIAL UPDATE: Brockman testifies Musk told him OpenAI needed a "big result" before it could create a for-profit. That result came in August 2017 when OpenAI's Dota bot beat the best player in the world on a livestream in front of 20,00
@mtsliveLIVE TRIAL UPDATE: Brockman testifies Musk never once raised open sourcing during his time at OpenAI. “I can’t think of a single time that he asked us to open source something. Honestly, it was not a topic of conversation.”
@mtsliveLIVE TRIAL UPDATE: Brockman lays out the six weeks after OpenAI's Dota win that led to Musk's departure, documented across roughly 100 pages of his personal journal. Aug 11: Dota win. Aug 15: First equity split discussion. Aug 16: Musk
@mtsliveLIVE TRIAL UPDATE: Brockman testifies Musk threatened to start a rival AI company if he didn't get majority equity. "Look, you guys are great, but I could start another AI company. Tomorrow. Like, one tweet. That's all it takes." Musk's p
@mtsliveLIVE TRIAL UPDATE: Brockman and Sutskever countered Musk's 62.5% proposal with an equal founder share split and investment at market terms. Musk rejected it, saying they were "pushing too hard." He never agreed to a proposal giving him le
@mikeisaacVERY dramatic moment of Brockman's testimony in which he describes a tense standoff with him, ilya and musk: “The conversation turned to equity. And something just shifted in him. He was angry. You could sense it. At the end of the meetin
@mikeisaaca cutting Brockman testimony regarding Musk: “Look, he knows rockets. He knows electric cars. He did not and does not know AI. And Ilya and I did not believe he would spend the time to get good at it.”
@mikeisaaca lot of brockman's testimony is underscoring how he feels Musk is not able to properly assess the capabilities of AI. recounts one instance of him talking to a researcher doing an AI demo in which musk berated the guy so intensely that t
@mtsliveLIVE TRIAL UPDATE: Brockman reads from his personal journal written during the 2017 negotiations with Musk over control of OpenAI's for-profit entity. "No person should have control over what we're creating. The technology we're building i
@mtsliveLIVE TRIAL UPDATE: Brockman describes the moment Musk walked out of the August 29 equity meeting. Musk sat silent for several minutes, then said "I decline." He stood up, grabbed a Tesla painting Ilya had gifted him, and stormed toward the
@mtsliveLIVE TRIAL UPDATE: Brockman reads from an email Ilya Sutskever sent during the 2017 negotiations with Musk. "The goal of OpenAI is to make the future good and to avoid an AGI dictatorship. You are concerned that Demis could create an AGI d
@mtsliveLIVE TRIAL UPDATE: Brockman reads Musk's ultimatum email to the OpenAI team. "I've had enough. This is the final straw. Either go do something on your own or continue with OpenAI as a nonprofit. I will no longer fund OpenAI until you have
@mtsliveLIVE TRIAL UPDATE: Brockman testifies Musk proposed merging OpenAI into Tesla in late 2017, promising billion-dollar annual funding but requiring the AGI work be kept secret from shareholders. Brockman's reaction: "It just seemed like a de
@mikeisaacheh. Brockman and Sutskever "went down the list of Forbes 500 wealthiest people" in the world and tried to figure out who might be excited about AI to fundraise from them. it sorta worked, he said! or at least they got some cash out of it.
@mtsliveLIVE TRIAL UPDATE: Brockman testifies that in late 2017, he, Altman and Sutskever considered voting to remove Musk from the OpenAI board. "It felt right for the mission and wrong personally." They ultimately decided against it.
@mtsliveLIVE TRIAL UPDATE: Brockman describes Musk's resignation speech to OpenAI's all-hands in 2018. Musk told the team he was leaving to pursue AGI at Tesla and would not work on safety, saying "if the sheep are dictating safety and the wolves