{"id":4514,"date":"2024-06-13T15:02:10","date_gmt":"2024-06-13T15:02:10","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/06\/13\/elon-musk-faces-fresh-insider-dealing-claim-and-drops-openai-lawsuit\/"},"modified":"2024-06-13T15:02:10","modified_gmt":"2024-06-13T15:02:10","slug":"elon-musk-faces-fresh-insider-dealing-claim-and-drops-openai-lawsuit","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/06\/13\/elon-musk-faces-fresh-insider-dealing-claim-and-drops-openai-lawsuit\/","title":{"rendered":"Elon Musk faces fresh insider dealing claim and drops OpenAI lawsuit"},"content":{"rendered":"
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Elon Musk has moved to drop a lawsuit he filed against ChatGPT maker OpenAI and learned he is facing a fresh investor claim relating to his sale of Tesla shares.<\/p>\n

The tech billionaire, who had launched his complaint early this year, looked to drop the action just 24 hours before a San Francisco judge was to hear a bid by OpenAI<\/strong> to have the case thrown out.<\/p>\n

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He had accused the firm, which he co-founded, and its chief executive Sam Altman of abandoning its original mission of developing artificial intelligence for the benefit of humanity and not for profit.<\/p>\n

Money latest:<\/strong>
The most expensive place to buy a seaside home in the UK<\/strong><\/p>\n

Mr Musk<\/strong>, who has AI ventures of his own, has been a fierce critic of the company’s use of artificial intelligence (AI) and hit out this week at Apple’s plans<\/strong> to integrate AI including ChatGPT into its devices, suggesting he could ban them at his own companies on security grounds.<\/p>\n

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He has yet to comment on the reasons for dropping the case.<\/p>\n

It was separately revealed on Tuesday that Mr Musk was facing a separate lawsuit in Delaware brought by an institutional investor in Tesla.<\/p>\n

The Employees’ Retirement System of Rhode Island (ERSRI) claimed he and his brother Kimbal, who is a director of the electric car firm, improperly sold a combined $30bn (\u00a323.5bn)in shares between late 2021 and the end of 2022.<\/p>\n

The lawsuit claims they cashed in ahead of developments that would have caused stock to fall in value became public.<\/p>\n

It alleged Mr Musk sold the shares at artificially inflated prices by concealing his plan to use proceeds to buy social media platform Twitter, which he later renamed X.<\/p>\n

He was also said to have sold Tesla stock when he knew deliveries of Tesla cars had fallen far below public projections, the lawsuit added.<\/p>\n

Mr Musk and Tesla were yet to comment on the action, which further alleged poor governance and inappropriate actions including diverting Tesla employees to work at X and causing Tesla to start paying for advertising on Twitter.<\/p>\n

Tesla shareholder Michael Perry filed a similar action last month alleging insider dealing by Mr Musk, who is already facing a regulatory investigation over his purchase of Twitter.<\/p>\n

News of the latest lawsuit was revealed two days before Tesla shareholders are due to vote on whether to reinstate Mr Musk’s $56bn pay package after a Delaware judge voided it in January because she found he had improperly controlled the process.<\/p>\n<\/p>\n

This post appeared first on sky.com<\/div>\n<\/div>\n

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