- The Tokenization of OpenAI Shares: What Happened
- The Fallout and Market Reaction
- Internal Conflicts and Investor Pressure
- Shifting Structures and Broken Promises
- Regulatory Scrutiny and Legal Risks
- What This Scandal Means for the Industry
OpenAI has been one of the most talked-about companies over the past several years — and not just because of its breakthroughs in artificial intelligence. In 2024–2025, the company found itself at the center of a major controversy involving corporate governance, investor interests, and an attempt to tokenize private shares. This crisis revealed deep structural changes within OpenAI and raised pressing questions about the future of the AI industry at large.
The Tokenization of OpenAI Shares: What Happened
In July 2025, trading platform Robinhood announced the launch of tokenized shares for a number of private companies in Europe — including OpenAI and SpaceX. Robinhood offered blockchain-based tokens that purportedly mirrored the value of equity in these firms and could be traded on-chain. The news triggered an immediate frenzy: Robinhood’s stock surged to a historic high, and crypto communities buzzed with excitement.
But OpenAI quickly issued an official statement firmly denying any involvement in the initiative. The company stressed:
“These so-called ‘OpenAI tokens’ do not represent ownership in OpenAI. We have not partnered with Robinhood, are not participating in this project, and do not endorse it. Any transfer of OpenAI shares requires our explicit consent — and no such approval has been granted. We urge users to exercise caution.”
Robinhood responded by clarifying that the tokens offered only indirect exposure to private market investments via a special purpose vehicle (SPV) — and did not represent actual shares. European users gained access thanks to the region’s comparatively looser crypto regulations, unlike in the U.S., where such operations remain prohibited.
The Fallout and Market Reaction
OpenAI swiftly distanced itself from the tokens, concerned that investors and users might be misled about their rights and the true nature of these digital assets. Industry experts noted that the tokenization of private shares raises serious legal and ethical concerns, given how difficult it is to regulate such instruments and the uncertainty surrounding investor protections.
The incident fed into a broader debate about the future of financial markets, where blockchain and crypto tools increasingly unlock access to private capital — often at the cost of greater fraud risks and diminished corporate control.
Internal Conflicts and Investor Pressure
The token scandal was just the tip of the iceberg. Between 2023 and 2025, OpenAI weathered a series of governance crises and high-stakes power struggles between investors, the board, and company managers.
In November 2023, OpenAI’s board abruptly ousted CEO Sam Altman, citing “a lack of candor” in his communications with the board — though it never disclosed specifics. The move sparked massive employee backlash: 700 of the company’s 770 employees signed an open letter demanding Altman and president Greg Brockman be reinstated, threatening to defect en masse to Microsoft, which had already offered to hire the dismissed management team.
As a result, Microsoft, OpenAI’s largest investor with a 49% stake, capitalized on the upheaval, strengthening its influence over the AI ecosystem by onboarding key OpenAI talents.
Shifting Structures and Broken Promises
Amid these events, revelations emerged about significant changes in OpenAI’s corporate policies. The company had originally pledged to cap investor returns to prevent disproportionate profiteering from advanced AI systems. Initially, a 100x return limit was set for investors — then reduced to 20x, and by 2025, it was quietly scrapped altogether.
This reversal directly violated OpenAI’s early commitments and frustrated segments of its investor base and the public, who had bought into the company’s promise of an “ethical AI model.” While OpenAI became a for-profit entity in 2019, formal control had remained with a nonprofit foundation. By 2024–2025, however, that nonprofit’s influence was effectively erased, with shareholder profits and investor priorities taking center stage.
Regulatory Scrutiny and Legal Risks
The U.S. Securities and Exchange Commission (SEC) opened an investigation to determine whether OpenAI’s investors were misled during leadership transitions and corporate restructuring. Regulators are examining internal communications related to Altman’s firing, governance shifts, and potential misrepresentations in fundraising processes.
What This Scandal Means for the Industry
The OpenAI share tokenization scandal isn’t just a story about digital tokens and boardroom drama. It underscores a deeper, industry-wide conflict between mission, profit, and control in the rapidly evolving world of artificial intelligence. Attempts to tokenize private shares, growing investor pressure, and the erosion of nonprofit governance principles have cast serious doubts on the future of ethics and transparency within the world’s biggest tech firms.
OpenAI, once positioning itself as a company working for the collective good, is now grappling with the same challenges faced by the world’s largest corporations: power struggles, shareholder interests, and mounting legal risks. This case will serve as a valuable lesson for anyone watching the intersection of technology and financial markets.
