Speaking at the New York Times DealBook conference, Altman addressed concerns about Musk's announced role heading a new Department of Government Efficiency in the incoming Donald Trump administration, and whether he might use it to favor his own companies.
"I may turn out to be wrong, but I believe pretty strongly that Elon will do the right thing," Altman said. "It would be profoundly un-American to use political power to hurt your competitors and advantage your own businesses."
Even if there are "lots of things not to like about him... it would go so deeply against the values I believe he holds very dear to himself that I'm not that worried about it."
Musk, an OpenAI co-founder who later departed the company, is currently suing Altman's firm and Microsoft, claiming they shifted from the project's original nonprofit mission.
He has since launched xAI, reportedly valued at $50 billion, making it one of the world's most valuable startups.
Altman said that the court battle was "tremendously sad" and that he once saw Musk as "a mega hero."
Musk became a close ally of Trump during his campaign, spending over $100 million to boost his presidential bid and joining him at rallies.
Since the election victory, he has been a frequent presence in the Trump transition and was reportedly on the line when Google CEO Sundar Pichai called the president-elect to congratulate him on winning the election.
The tycoon's businesses have deep connections with governments -- both in the United States and elsewhere -- and his new position has raised concerns about conflict of interest.
During the interview, Altman also lowered expectations for the importance of OpenAI's models achieving artificial general intelligence (AGI), a benchmark of human-level intelligence the company has long set as the goal for its technology.
"My guess is we will hit AGI sooner than most people in the world think, and it will matter much less," he said.
"A lot of the safety concerns that we and others expressed actually don't come at the AGI moment... AGI can get built. The world goes on mostly the same way," he said.
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