Elon Musk Labels OpenAI Equity as Fake, Remains Silent on Robinhood’s SpaceX Token

Elon Musk, an early backer of OpenAI, reacted to the company’s recent statement that the “OpenAI tokens” tied to Robinhood’s stock token giveaway don’t represent real equity. Musk dismissed OpenAI’s equity as “fake,” furthering his longstanding criticism of the company’s shift from nonprofit to for-profit.

Musk has consistently voiced concerns about OpenAI’s change in structure, claiming it violated the principles it was founded on. He argues that OpenAI has shifted focus from its mission of public benefit to prioritizing commercial interests and investor returns.

In response to OpenAI’s warning, Robinhood CEO Vlad Tenev clarified that stock token giveaways, including those related to SpaceX, do not represent actual equity. Instead, they provide retail investors with indirect exposure to private assets. Tenev expressed optimism about the tokenization movement, stating that many private companies have shown interest in joining the initiative.

Robinhood, alongside other platforms like Kraken and Bybit, has facilitated the trading of tokenized versions of U.S. stocks, but these tokens are currently only available to European investors.