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Elon Musk faces fresh insider dealing claim and drops OpenAI lawsuit

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Fresh from his threat to ban Apple devices at his companies if they adopt AI functionality such as ChatGPT, Elon Musk looks to drop his lawsuit against OpenAI as legal pressures elsewhere intensify.

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. 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 to have the case thrown out.

The Employees' Retirement System of Rhode Island claimed he and his brother Kimbal, who is a director of the electric car firm, improperly sold a combined $30bn in shares between late 2021 and the end of 2022. The lawsuit claims they cashed in ahead of developments that would have caused stock to fall in value became public. 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.

 

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