OpenAI has a message for anyone who thinks they’re about to cash in on the AI boom by buying a new “OpenAI token” on Robinhood: Don’t. But in a chaotic turn, Elon Musk just suggested that even the company’s real equity might be an illusion.
The maker of ChatGPT, in a rare public warning posted on X (formerly Twitter), disavowed any involvement with crypto-like financial products claiming to offer a piece of its business.
“These ‘OpenAI tokens’ are not OpenAI equity,” the company wrote. “We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.”
The company added a clear warning: “Please be careful.”
These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.
Please be careful.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
This strange situation immediately attracted the attention of Elon Musk, OpenAI’s co-founder turned chief antagonist. He responded to the company’s post with a blunt, explosive accusation of his own:
“Your ‘equity’ is fake.”
Your “equity” is fake
— Elon Musk (@elonmusk) July 2, 2025
The Tokenization of Hype
The controversy began after Robinhood, the popular trading platform, unveiled a new product for its European customers. In a statement to Gizmodo, the company explained its move.
“To cap off our recent crypto event, we announced a limited stock token giveaway on OpenAI and SpaceX to eligible European customers,” a Robinhood spokesperson said. ”These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle.”
Robinhood used a Special Purpose Vehicle (SPV), which is essentially a separate company created to hold an investment, to buy a stake in OpenAI. It then issued its own digital tokens that represent a claim on that stake. This process, known as tokenization, aims to make illiquid assets, like a share in a private company, easy to trade.
CEO Vlad Tenev elaborated on X, admitting the tokens are not a direct investment. “While it is true that they aren’t technically ‘equity’ (you can see the precise dynamics in our Terms for those interested), the tokens effectively give retail investors exposure to these private assets,” he explained. “Our giveaway plants a seed for something much bigger.”
At our recent crypto event, we announced a limited Stock Token giveaway on OpenAI and SpaceX to eligible European customers. While it is true that they aren’t technically “equity” (you can see the precise dynamics in our Terms for those interested), the tokens effectively give…
— Vlad Tenev (@vladtenev) July 2, 2025
Musk vs. OpenAI: The Ownership Wars Continue
Musk’s swipe is the latest in his long running war with the company he helped found and now openly despises.