Worldcoin token drops 5% amid Elon Musk's lawsuit against OpenAI

The price of Worldcoin’s WLD token dropped approximately 5% over the past 24 hours amid news that Elon Musk has sued OpenAI and its CEO, Sam Altman — who also co-created Worldcoin and remains a board member — for allegedly breaching contractual agreements made in 2015.

Musk, the enigmatic leader of Tesla and SpaceX, co-founded OpenAI in 2015 before stepping down from its board in 2018.

The lawsuit, which was filed in San Francisco, claims OpenAI’s profit-oriented focus violates the aforementioned contractual agreements, as the company’s efforts to allegedly keep the design of GPT-4 “a complete secret,” Reuters reported.

Worldcoin’s WLD token has proven to be a proxy bet on OpenAI in the crypto markets, often experiencing volatility when Altman or OpenAI are in the news, despite not being inherently related. While WLD has declined by about 5%, the wider cryptocurrency market capitalization has declined by just less than 1.5% over the same timeframe.