Worldcoin fell more than 5% as Elon Musk filed a breach of contract lawsuit against Altman’s OpenAI. Court documents on February 29 showed that the tech billionaire accused Altman and OpenAI of violating the contractual agreement reached when Musk founded the company in 2015. Musk resigned from the board of OpenAI in 2018.
While not directly associated with OpenAI, the price of WorldCoin has been negatively impacted by its association with Altman. In the past 24 hours, the price of WorldCoin has fallen by more than 5% to trade at $7.52 per share as of 6:50 AM EST.
According to Reuters, the lawsuit, filed in San Francisco, said OpenAI co-founder Greg Brockman had initially approached Musk about launching an open-source, nonprofit company and that the company’s focus had shifted to profit, violating a contractual agreement.
Worldcoin caused some controversy when it was launched because its goal was to scan everyone’s eyes in the form of a digital identity and crypto tokens. Some governments opposed its activities due to concerns about data privacy.
Despite the controversies plaguing the project, the price of Worldcoin hit a new all-time high on February 19. This was achieved after the number of users of the coin’s wallet application, World App, surpassed 1 million.
On February 21, the price of Worldcoin rose by more than 30% in 24 hours after AI chipmaker Nvidia released a strong fourth-quarter earnings report. Despite the controversy surrounding the project, it continues to move forward. On February 29, Worldcoin launched its new World ID developer portal on X.
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