As a seasoned researcher with over two decades of experience in tech and political dynamics, I find myself intrigued by the appointment of David Sacks as the presumptive “White House AI and Crypto Czar” under President-elect Donald Trump. Having closely followed the rise of Silicon Valley’s elite, from the PayPal Mafia to the modern day crypto revolution, this announcement has certainly piqued my interest.
The potential appointee for a role concerning AI and cryptocurrency in the White House under President-elect Donald Trump, David Sacks, holds firm opinions about OpenAI’s transition into a profit-driven organization and has close connections with Elon Musk.
Trump declared on his Truth Social platform on December 5th that he had chosen Sacks, a previous tech CEO who is part of the “PayPal Mafia” (a group including many prominent tech figures such as Elon Musk, YouTube co-founder Steven Chen, and influential investor Peter Thiel), for an appointment.
The news was widely met with approval within the cryptocurrency circle, given that Sacks appears to be an ardent advocate for Solana and a diversified coin investor.
As a crypto investor, I find Sacks’ influence particularly encouraging for the AI community, as it seems to spark a touch of optimism among us. He has repeatedly emphasized his concerns about potential government overreach in AI technologies, advocating instead for open-source solutions and a laissez-faire approach that empowers the industry to govern itself.
But it’s possible that one individual in the rapidly growing US AI sector might have valid reasons for apprehension about Sacks’ potential appointment, and that person is Sam Altman, CEO and co-founder of OpenAI.
During a October episode of the “All-In” podcast, with Mark Cuban as the guest, both expressed skepticism about OpenAI’s recent business reorganization – an area where they saw eye to eye.
OpenAI’s pivot to for-profit
In 2015, Elon Musk became one of the founding members and significant financiers, contributing approximately $50 million, for the establishment of OpenAI, originally conceived as a not-for-profit research institute.
Since then, under Altman’s guidance, the company has established a profit-oriented division, which allows for further expansion of its income-generating activities. This move supports its ongoing non-profit research endeavors.
Elon Musk, the head of rival AI firm xAI, has filed a lawsuit against OpenAI to prevent them from transitioning into a profit-driven organization.
On December 2nd, legal representatives for both Musk and xAI submitted a request to a court in California, seeking a ruling from the judge that would prevent the action from proceeding while the ongoing lawsuit is being addressed.
In the podcast they discussed, Sacks and Cuban weighed in on the OpenAI story that has garnered over 426,000 views. As per Sacks’ perspective, OpenAI led Elon Musk to believe he was investing in a charitable cause, but it turned out differently.
According to reports, OpenAI was considering a fundraising of $6 billion at an estimated valuation of $157 billion (which it later achieved) and had advised investors against investing in competitors like xAI owned by Elon Musk. Following this, Sacks remarked that the company had transformed from a philanthropic non-profit organization to a ruthless profit-driven business, similar to a school of piranhas.
Cuban shared the sentiment, stating that he “wouldn’t do business with people like that.” He added:
“To me, that’s just wrong. And it catches up to you. When people fuck over investors, it always comes back. Karma is a bitch in business, too.”
As a crypto investor, I found it somewhat ironic that I was one of the first to celebrate Sack’s apparent selection as the White House’s Crypto and AI Advisor.
Not long after that, Musk responded to Altman’s post with a laugh-cry emoji, implying he found it extremely amusing.
Ryan Selkis, who was previously CEO of Messari cryptocurrency exchange but resigned in mid-2024 following controversial comments on X.com supporting Trump, chimed into the discussion, reacting to Altman’s post with a meme and an apparent sarcastic comment: “This really cheers me up.
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2024-12-06 22:15