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Elon Musk Attempted to Merge OpenAI with Tesla, Says Company
In a recent revelation by OpenAI, the organization disclosed that Elon Musk had attempted to convert the nonprofit AI research lab into a for-profit entity before his departure in 2018. This statement comes amidst a legal battle between Mr. Musk and OpenAI, reflecting a growing feud between the two entities. OpenAI stated its intention to dismiss all claims made by Mr. Musk in a blog post released on Tuesday evening.
The lawsuit, filed by Elon Musk against OpenAI and its CEO, Sam Altman, accuses them of prioritizing profits over the development of AI for the greater good. Musk alleged that OpenAI’s partnership with Microsoft, worth billions, deviated from its original commitment to advancing AI technology and sharing it openly with the public.
(In a separate lawsuit, The New York Times sued OpenAI and Microsoft for copyright infringement related to AI news content.)
Elon Musk, alongside Sam Altman, Greg Brockman, and other AI researchers, co-founded OpenAI as a nonprofit in 2015. Prior to the lab’s launch, Musk proposed inflating fundraising figures to $1 billion, with his commitment to make up any shortfall, according to an email included in OpenAI’s blog post.
The nonprofit received less than $45 million from Musk and over $90 million from other contributors, as disclosed by OpenAI. In early 2017, it became evident to OpenAI leaders, including Musk, that the lab would require significant funding to achieve its ambitious goal of creating artificial general intelligence (A.G.I.).
Recognizing the financial limitations of remaining a nonprofit, Musk suggested transitioning OpenAI into a for-profit company. However, his demands for majority equity, board control, and CEO position were deemed incompatible with the organization’s collaborative mission.
In subsequent discussions, Musk withheld funding from OpenAI while proposing affiliating the organization with Tesla, his electric car company. He believed that Tesla was the best avenue to compete with tech giant Google in the AI field. Despite his efforts, OpenAI’s founders opposed granting one individual total control, as it contradicted their core values.
Elon Musk’s lawsuit contends that OpenAI strayed from its commitment to open-source its technology, a principle fundamental to the organization’s ethos. As OpenAI nears the development of A.G.I., Musk acknowledged in an email included in the blog post that restricting the dissemination of AI technology may be necessary to prevent potential harm.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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