OpenAI Accuses Robinhood of Peddling ’Fake’ Tokenized Equity—Here’s Why It Matters

OpenAI just dropped a bombshell on Robinhood—calling out its tokenized equity offerings as 'fake.' The AI giant isn't holding back, and neither should you.

Why the drama? Tokenized stocks promise blockchain-backed ownership without the paperwork. But if OpenAI's right, Robinhood's customers might be trading vaporware.

Wall Street's latest gimmick meets Silicon Valley's skepticism. Place your bets—just don’t expect regulators to save you when the house always wins.

TLDR

• OpenAI officially denied any involvement with Robinhood’s tokenized equity tokens, stating they do not represent actual company equity
• Robinhood distributed $5 worth of OpenAI and SpaceX tokens to EU customers as part of their new tokenized stock trading platform
• Elon Musk criticized OpenAI’s corporate structure, calling their equity “fake” on social media
• The tokens are offered through Robinhood’s ownership stake in a special purpose vehicle, not direct equity transfers
• OpenAI emphasized that any equity transfer requires company approval, which was not granted for this offering

OpenAI issued a clear statement on Wednesday rejecting any connection to tokenized equity tokens being distributed by trading platform Robinhood. The artificial intelligence company explicitly stated these tokens do not represent actual OpenAI equity.

“We are not involved in this and do not endorse it,” OpenAI representatives wrote on social media. The company stressed that any transfer of OpenAI equity requires their approval, which was not granted for this offering.

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, 2025

Robinhood launched the tokenized equity program on Monday, distributing $5 worth of OpenAI and SpaceX tokens to eligible European Union customers. This MOVE was part of the company’s broader push into tokenized stock trading on their new layer-2 blockchain network.

The trading platform defended their offering in a statement to Cointelegraph. They explained that the tokens provide retail investors with indirect exposure to private markets through Robinhood’s ownership stake in a special purpose vehicle.

Musk Criticizes OpenAI Structure

SpaceX and OpenAI co-founder Elon Musk used the controversy to attack OpenAI’s corporate structure. “Your ‘equity’ is fake,” Musk wrote on X, continuing his ongoing criticism of the company.

Your “equity” is fake

— Elon Musk (@elonmusk) July 2, 2025

Musk left OpenAI’s board in 2018 and has since filed lawsuits against the company. He accuses OpenAI of breaching its charter and diverting charitable assets for private gain.

The dispute highlights questions about OpenAI’s evolution from a nonprofit organization to a profit-focused model. Musk has been vocal about what he sees as a departure from the company’s original mission-driven approach.

Robinhood’s Tokenization Strategy

Robinhood first announced plans for tokenized stock trading in Europe in May 2025. The company has not provided a timeline for expanding the service to US customers.

At Consensus 2025 in Toronto, Robinhood Crypto’s Johann Kerbrat said the integration promotes financial inclusion. The platform argues that tokenization opens previously inaccessible asset classes to retail investors.

Private equity and private credit are typically reserved for accredited investors with $1 million or more in assets. These investments have been largely inaccessible to average retail investors due to regulatory requirements.

The company announced their layer-2 blockchain network and tokenized asset trading at an event in Cannes, France on Monday. CEO Vlad Tenev positioned crypto as potentially becoming the backbone of the global financial system.

Questions About Equity Source

The source of equity for companies like OpenAI in Robinhood’s tokenized offerings remains unclear. Industry experts have raised concerns about unauthorized equity sales in secondary markets.

Some speculation suggests the equity represents interest in OpenAI shares acquired through authorized channels. However, OpenAI’s statement directly contradicts any approved involvement in the program.

Legal experts warn that private companies like OpenAI may not honor unauthorized equity sales. Dragonfly General Partner Rob Hadick suggested this tension could lead private companies to cancel equity sales altogether for those violating shareholders’ agreements.

The controversy echoes similar disputes from 2018 when blockchain startup Swarm faced pushback from companies over unauthorized tokenized equity offerings. Many companies rejected those offerings as unauthorized despite Swarm’s claims of approved secondary market transactions.

Robinhood’s tokenized trading platform offers access to 200 equities and ETFs based on the Arbitrum blockchain. The service currently operates only in Europe with no confirmed US launch date.