Elon Musk slams Robinhood over 'fake' OpenAI token sales
Robinhood’s SPV token model faces OpenAI, legal backlash
OpenAI has publicly refuted Robinhood’s claim of offering access to its equity via blockchain tokens, warning investors that the product is unauthorized and misleading.
Robinhood promoted “OpenAI tokens” to users in the European Union as a way for retail investors to access previously closed private markets. The firm claimed these tokens were based on contracts linked to its ownership stake in a special-purpose vehicle (SPV) holding shares of companies like OpenAI and SpaceX.
Financial innovation or market manipulation?
In reality, investors do not own actual equity, as the tokens merely represent a synthetic value. OpenAI made it clear it does not endorse such innovations.
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“We have not partnered with Robinhood, were not involved, and do not approve of this. Any transfer of OpenAI shares requires our consent — none was given. Please be cautious,” OpenAI’s official news channel posted on X.
Elon Musk, co-founder of OpenAI and SpaceX, also called Robinhood’s claims “fake,” while industry experts pointed out the legal and ethical gray zones of selling synthetic exposure to private assets.
Other startups, such as Figure AI, have filed lawsuits to block similar unauthorized SPV-backed token offerings.
Meanwhile, Robinhood defends its actions as financial innovation, claiming tokenization can democratize access to private markets. Still, skepticism remains high — especially as leading firms like OpenAI distance themselves from such offers.
As we wrote, Robinhood launches tokenized stocks and perpetuals in EU
