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for-profit conversion

Steady3 stories1 sourcesLast updated: 5/12/2026
Related Topicselon musksam altmanopenailawsuitartificial intelligencexaigreg brockmannon-profit

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Sam Altman defends OpenAI in courtroom showdown with Elon Musk
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5/12/2026

Sam Altman defends OpenAI in courtroom showdown with Elon Musk

The OpenAI chief rejects claims he deceived Elon Musk as high-stakes AI trial nears its endSign up for the Breaking News US newsletter emailThe OpenAI CEO, Sam Altman, took the stand on Tuesday to defend himself and his company against a lawsuit by Elon Musk. Altman is set to be one of the final witnesses in the trial, which has pitted two of the tech industry’s most powerful men against each other in a dramatic courtroom showdown.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. Continue reading...

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Elon Musk Testifies in $134bn Lawsuit Against OpenAI Over For-Profit Conversion
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Elon Musk Testifies in $134bn Lawsuit Against OpenAI Over For-Profit Conversion

Elon Musk continued his testimony in a $134bn lawsuit against OpenAI, alleging co-founder Sam Altman and president Greg Brockman broke a foundational agreement by converting the AI company from a non-profit to a for-profit structure. Musk, who co-founded OpenAI in 2015 and donated approximately $38m from 2016-2020, is seeking to undo the for-profit conversion and redirect damages to OpenAI's non-profit arm. OpenAI's attorneys have argued Musk was always aware of for-profit plans and is "motivated by jealousy" after leaving the company in 2018. The three-week trial in Oakland, California has featured contentious exchanges and previously private communications revealing the formation of the AI company.

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Musk v. Altman: OpenAI For-Profit Conversion Trial Underway in California
Developing
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Musk v. Altman: OpenAI For-Profit Conversion Trial Underway in California

Elon Musk's high-stakes lawsuit against Sam Altman and OpenAI began this week in Oakland, California federal court. Musk, who co-founded OpenAI in 2015, alleges the company breached its founding agreement by converting from a non-profit focused on benefiting humanity to a for-profit structure. He is seeking $134bn in damages and reversal of the conversion. OpenAI denies the claims, arguing Musk was aware of for-profit plans and is "motivated by jealousy" after leaving in 2018. The three-week trial features dramatic testimony, with Musk's former lieutenant Jared Birchall confirming approximately $38M in donations from 2016-2020. The outcome could impact OpenAI's planned $1tn IPO and benefit Musk's competing xAI venture.

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