"Financial economist C. Paul Wazzan was the expert consulted by the South African billionaire's legal team. He said Musk fronted up $38 million in early financing for OpenAI and also provided key industry contacts and expertise. Based on those contributions, Wazzan says Musk is entitled to a share of OpenAI's current value, estimated at between $65.5 billion and $109.43 billion."
"Musk is also seeking between $13.3 billion and $25.06 billion from OpenAI's largest partner and investor, Microsoft. "Just as an early investor in a startup company may realize gains many orders of magnitude greater than the investor's initial investment, the wrongful gains that OpenAI Microsoft have earned and which Mr. Musk is now entitled to disgorge are much larger than Mr. Musk's initial contributions," Musk's lawyer Steven Molo wrote."
"OpenAI said Musk's latest legal bid is just another attempt to revive the same claims and is part of a broader pattern of harassment aimed at delaying OpenAI's work. OpenAI argues this is intended to benefit Musk's own AI company, xAI, which he founded in 2023. In a public response on Friday titled "The truth Elon left out," OpenAI accused Musk of "grossly misrepresenting the written record""
Elon Musk seeks up to $134 billion from OpenAI and Microsoft, alleging wrongful gains and entitlement stemming from early contributions. Financial economist C. Paul Wazzan values Musk's entitlement based on a $38 million early investment, industry contacts, and expertise, estimating Musk's share of OpenAI at $65.5 billion to $109.43 billion. Musk also seeks $13.3 billion to $25.06 billion from Microsoft. Musk's counsel asserts that wrongful gains far exceed the initial investment. OpenAI characterizes the legal bid as a revival of prior claims and a pattern of harassment intended to delay OpenAI and benefit Musk's xAI.
Read at www.dw.com
Unable to calculate read time
Collection
[
|
...
]