Owning a Piece of ChatGPT Was Already Messy. Then Elon Musk Made It Weirder
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, 2025This 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, 2025The 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, 2025Musk's swipe is the latest in his long running war with the company he helped found and now openly despises. He has accused it of abandoning its nonprofit mission for profit and has even filed a lawsuit against it. But his comment also throws a spotlight on the bizarre corporate structure that makes this whole situation possible.
OpenAI is technically governed by a nonprofit board. Most of its commercial products, like ChatGPT, are operated by a 'capped-profit' subsidiary. This hybrid model means investors can earn returns, but only up to a certain limit, after which any excess profits are supposed to be returned to the nonprofit to 'benefit humanity.'
This structure makes a traditional IPO impossible and means even internal investors don't hold 'equity' in the normal sense. They own a right to a share of future profits, but only within the complex limits set by the board. So when Musk says 'your equity is fake,' he's not just trolling. He's pointing out that the very nature of ownership at the world's most important AI company is confusing and opaque.
This confluence of crypto hype, corporate vagueness, and a billionaire feud is a dangerous cocktail for everyday investors. AI is the next frontier for financial speculation, and this episode shows how creative the attempts to cash in have become.
Whether Robinhood's token was a well-intentioned but misleading product or something more cynical, the fact that OpenAI had to publicly disavow it is a massive red flag. You can't buy OpenAI stock. You can't trade official OpenAI tokens. If you think you've found a way to own a piece of the AI revolution, you're probably being misled. If someone tells you otherwise, you're probably being scammed.
But Elon Musk's jab points to a deeper irony: In the strange, confusing world of OpenAI's corporate structure, even its own insiders may not really own what they think they do. As the AI gold rush heats up, ownership is becoming one of the most contested, confusing, and misleading parts of the story. And unless companies like OpenAI become more transparent, the vacuum will be filled by fake products, crypto stunts, and viral misinformation.
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