Tech billionaire Elon Musk has made a strong statement, calling OpenAI’s equity “fake” after the company issued a warning about unofficial “OpenAI tokens.”
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These tokens, reportedly connected to Robinhood’s promotional stock token giveaway, do not offer real ownership in the company.
OpenAI recently clarified that these so-called “tokens” don’t represent actual shares or voting rights. They seem to be part of a giveaway organized by Robinhood, where users are offered exposure to private companies through digital tokens.
Musk reacted sharply, using the moment to renew his long-standing criticism of OpenAI’s business model. Once a nonprofit focused on research for the public good, OpenAI transitioned into a for-profit entity. This shift has drawn repeated criticism from Musk, who co-founded the organization but later distanced himself.
While Musk’s recent comment was brief—labeling the equity as “fake”—it adds to his continuing frustration with the company. He has previously accused OpenAI of abandoning its original mission of transparency and public benefit in favor of profits and private deals.
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However, Musk did not comment on another key detail of the same situation: Robinhood’s offering of tokens linked to SpaceX, his own aerospace company. His silence on this part of the story has left many wondering why he chose to speak out about OpenAI but not about SpaceX.
OpenAI Tokens: Not Real Shares
The confusion began when Robinhood announced a promotional campaign involving tokenized stock giveaways. Among the companies mentioned were OpenAI and SpaceX—two major private firms that are not publicly traded.
Soon after the announcement, OpenAI released a public warning. The company made it clear that these “OpenAI tokens” are not authorized and do not represent equity, ownership, or any formal link to the company.
OpenAI’s official statement emphasized that the tokens “do not offer ownership or rights of any kind.” This was likely meant to prevent misinformation and protect consumers who might think they were buying real shares.
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In response, Robinhood CEO Vlad Tenev also clarified that the tokens are not technically equity. He explained that the giveaway was designed to give users “exposure” to popular private companies—not legal ownership.
Tenev added that many private companies had already shown interest in joining Robinhood’s broader tokenization platform. He described the effort as “planting a seed” for something bigger in the world of financial access.
Robinhood has partnered with other companies like Kraken and Bybit to make these tokens available to non-U.S. investors. These tokenized versions of U.S. stocks and ETFs are only accessible to users in Europe at this time.
SpaceX Tokens and Musk’s Silence
While Elon Musk was quick to call OpenAI’s equity “fake,” he said nothing about Robinhood’s use of SpaceX tokens. This silence has raised eyebrows, especially since SpaceX is the company he runs.
SpaceX, like OpenAI, is a private company. Its shares are not available to the public, and its valuation is based on private investment rounds. Robinhood’s SpaceX tokens are meant to provide indirect exposure to the company’s value—without offering real ownership.
Despite these tokens being part of the same giveaway that involved OpenAI, Musk has not made any public comments about them. He has not criticized or endorsed Robinhood’s use of his company’s name in this way.
This lack of response is notable because Musk is known for his vocal online presence and willingness to speak out on a wide range of topics—especially those involving his companies.
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It’s unclear whether Musk’s silence means he approves, disapproves, or is simply choosing not to address it publicly. Regardless, his choice to only comment on OpenAI and not on SpaceX has drawn attention.
Robinhood has not claimed that Musk or SpaceX officially approved the use of the company’s tokens. The platform appears to be acting independently by offering these products to European users.
As interest in tokenized investments grows, this situation has highlighted how the line between actual equity and digital exposure can sometimes become blurred—especially when big-name companies like OpenAI and SpaceX are involved.
