Elon Musk Calls Out ‘Fake’ OpenAI Equity Amid Confusion Over Robinhood’s Tokenised Stock Offering: Are Retail Investors Being Misled?

“Your Equity Is Fake”: Elon Musk Slams OpenAI Stock Tokens as Tensions with Robinhood Escalate

Elon Musk has reignited his long-standing criticism of OpenAI with a scathing response to a new stock token initiative by trading platform Robinhood.

“Your ‘equity’ is fake.”

The remark followed OpenAI’s public statement distancing itself from Robinhood’s token promotion, which grants users 5 euros worth of tokens “linked” to OpenAI and SpaceX shares.

Musk, who co-founded OpenAI and currently leads SpaceX, focused his criticism solely on OpenAI — ignoring the fact that Robinhood is also offering SpaceX tokens as part of the same promotion.

He has long criticised OpenAI's transition from a nonprofit to a for-profit entity, believing it betrayed the company’s original mission of openness and public benefit in favor of commercial interests.

OpenAI Dismisses Tokens as Unauthorised and Misleading

OpenAI responded swiftly to Robinhood’s campaign, posting a blunt denial on X.

“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.”

The AI company stressed that it was not involved in the structuring or sale of these tokens, and that the products do not confer ownership or rights over the company’s shares.

The clarification came after Robinhood began promoting tokenised versions of private company shares, including OpenAI and SpaceX, to retail users across the European Union.

What Are These Tokens Actually Offering?

Robinhood’s initiative is centred on offering indirect access to private company exposure through tokenised contracts — not actual equity.

The tokens are backed by special purpose vehicles (SPVs) that reportedly hold shares in firms like OpenAI.

However, this structure raises concerns about how closely these tokens track the true value of private company shares, especially without the firms' direct involvement.

Robinhood CEO Vlad Tenev admitted the tokens "aren't technically 'equity'," but insisted they give "retail investors exposure to these private assets."

In his words, the giveaway is meant to “plant a seed for something much bigger,” claiming that many private firms are interested in joining what he calls a “tokenization revolution.”

According to the company’s help page, buyers receive “tokenised contracts that follow [a stock’s] price, recorded on a blockchain,” not the stocks themselves.

Source: Robinhood

Why Europe? Loopholes and Market Strategy

The launch was timed with Robinhood’s product event in Cannes, France, and is restricted to EU users — a move likely designed to sidestep stricter US regulatory frameworks.

The tokens are available via Robinhood’s crypto division, where rules around tokenised assets are less clearly defined compared to traditional securities.

Robinhood did not disclose the specific SPV used in the token offering.

A company spokesperson told TechCrunch that the tokens were part of a “limited” promotion and emphasised they offered “indirect exposure” through Robinhood’s stake in the vehicle.

A Legal Grey Zone or a Financial Gateway?

Supporters online argue that these tokens represent a rare chance for the public to gain access to high-growth companies usually limited to venture capital and private equity circles.

Critics, however, view the offering as misleading, especially when tokens are named after companies like OpenAI that have not endorsed the product.

The tension between democratising finance and respecting private company boundaries is at the heart of the debate.

Robinhood’s move has driven significant attention — and its stock price — with shares hitting an all-time high of over $100 following the announcement.

“Is Tokenising Trust?”

Coinlive believes this clash signals a deeper dilemma in modern investing: can access be democratised without distorting trust?

By offering tokens that carry the name of private giants without their consent, Robinhood may be courting short-term excitement at the expense of long-term credibility.

The attempt to blur legal definitions and ownership rights into mere “exposure” raises hard questions about where the line between innovation and deception lies.

And if companies like OpenAI are forced to publicly disown products bearing their name, it’s worth asking whether tokenisation — in its current form — is ready for the mainstream.