WLD price experienced a dramatic drop of 18%.
Elon Musk has resumed legal proceedings against Sam Altman and OpenAI, writes the New York Times. This led to an 18% drop in the price of the Worldcoin (WLD) token.
Saga of Elon Musk and Sam Altman
In June, on the eve of the court's decision to dismiss the lawsuit, the billionaire and Tesla CEO finally withdrew it. However, Elon Musk has decided to take it up again by filing the relevant documents in the federal court in Northern California.
The entrepreneur and his partners founded OpenAI in 2015 with the goal of developing artificial intelligence for the benefit of humanity.
However, according to Musk, Altman and Brockman changed the direction of the company by signing a multi-million dollar deal with Microsoft. Elon Musk maintains that the company and its management have put commercial interests before public interests, caring only about personal gain.
The billionaire left OpenAI in 2018 and stopped funding the company. Forced to find other sources of funding, Altman transformed OpenAI into a commercial company and raised $13 billion from Microsoft.
Amid the news of the renewed lawsuit, the price of the WLD token dropped by 18%. According to CoinGecko, at the time of writing, Worldcoin is trading at $1.45.
Since last week, the asset price has decreased by almost 40%. WLD's market cap fell to $458 million. Meanwhile, the cryptocurrency's trading volume increased by 142% to $308 million.
The broader crypto market decline also had a negative impact on Worldcoin’s dynamics. Over the past 24 hours, the leading cryptocurrency, Bitcoin (BTC), has plummeted by 16%.
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