OpenAI Disavows Robinhood’s “Equity Tokens,” Musk Calls Out Fake Shares

OpenAI has publicly disassociated itself from “OpenAI tokens” being distributed by Robinhood to EU users, warning that the tokens do not represent any official equity in the company.

“We are not involved in this and do not endorse it,” OpenAI posted. “Any transfer of OpenAI equity requires our approval — we did not approve any transfer. Please be careful.”

Robinhood launched the tokens earlier this week, giving select European users $5 worth of tokenized shares in both OpenAI and SpaceX as part of a new push into real-world asset (RWA) tokenization. The company also announced the rollout of its own Layer-2 blockchain infrastructure for settling tokenized equity trades.

In a statement to Press News, a Robinhood spokesperson clarified that the tokens were distributed to “eligible European customers” and do not represent direct ownership of OpenAI or SpaceX equity. Instead, the tokens are tied to Robinhood’s exposure through a special purpose vehicle (SPV) that holds stakes in these companies.

The controversy escalated when Elon Musk, who co-founded both OpenAI and SpaceX, took to X to criticize the offering.

“Your ‘equity’ is fake,” Musk said bluntly.

Musk has been critical of OpenAI since his departure from the board in 2018, repeatedly accusing the company of straying from its nonprofit roots. He’s currently involved in litigation against the firm, claiming it has diverted charitable assets toward private gain.

Robinhood’s Tokenization Vision

The giveaway marks Robinhood’s official entrance into the tokenized asset sector, aligning itself with a wave of crypto exchanges and fintech platforms exploring fractionalized trading of private equity, bonds, real estate, and more.

Speaking at Consensus 2025, Robinhood Crypto GM Johann Kerbrat said the firm’s new Layer-2 aims to bring accessibility to previously locked asset classes like private equity and venture funding.

“Crypto is much more than a speculative asset,” said CEO Vlad Tenev at Robinhood’s recent event in Cannes. “It has the potential to become the backbone of the global financial system.”

Still, Robinhood has yet to announce a timeline for expanding these services into the U.S., where securities regulators have taken a tougher stance on tokenized equity products.

OpenAI Pushes Back Hard

While Robinhood claims the tokens offer exposure via SPVs, OpenAI remains firm that no legitimate equity was transferred.

The company’s statement has sparked broader conversations around the legal boundaries of tokenized private equity, especially as it intersects with intellectual property rights and platform reputation.

This isn’t the first time retail investors have been sold questionable “exposure” to tech unicorns. However, OpenAI’s swift disavowal and Elon Musk’s harsh rebuke have put a spotlight on the growing tension between fintech innovation and legal compliance.

Source Links:

• OpenAI Official Statement
• Robinhood Press Release
• Consensus 2025 Highlights