Elon Emails

Zilis: OpenAI raising equity with a fixed maximum return

From:
Shivon Zilis
Date:
April 23, 2018
To:
Elon Musk; cc Sam Teller
Subject:
Re: AI updates
Updated info per a conversation with Altman. You're tentatively set to speak with him on Tuesday. Financing: -He confirmed again that they are definitely not doing an ICO but rather equity that has a fixed maximum return. -Would be a rather unique subsidiary structure for the raise which he wants to walk you through. -Wants to move within 4-6 week on first round (probably largely Reid money, potentially some corporates). Tech: Says Dota 5v5 looking better than anticipated. -The sharp rise in Dota bot performance is apparently causing people internally to worry that the timeline to AGI is sooner than they'd thought before. -Thinks they are on track to beat Montezuma's Revenge shortly. Time allocation: -I've reallocated most of the hours I used to spend with OpenAI to Neuralink and Tesla. This naturally happened with you stepping off the board and related factors — but if you'd prefer I pull more hours back to OpenAI oversight please let me know. -Sam and Greg asked if I'd be on their informal advisory board (just Gabe Newell so far), which seems fine and better than the formal board given potential conflicts? If that doesn't feel right let me know what you'd prefer.

About this email

Zilis updates Musk after talking to Altman: OpenAI is definitely not doing an ICO but equity with a fixed maximum return through a unique subsidiary structure, with a first round probably largely from Reid Hoffman; Dota progress is making staff think AGI is nearer; and she has shifted her hours to Neuralink and Tesla.

Notes

Text taken from the LessWrong transcription (habryka, Nov 16 2024), which the compiler states was checked against the originals. Sent Apr 23, 2018 1:49 AM as a continuation of the Mar 25 'AI updates' thread. No reply from Musk is reproduced.

Where it came from

Court record; attribution confirmed.

OpenAI, executive & internal. Tags: capped-profit, fundraising, dota, agi-timelines, advisory-board, musk-v-openai