Musk Calls Most Cryptocurrencies Beyond Bitcoin Scams, Reveals OpenAI Considered ICO

OpenAI was founded as a nonprofit in 2015, with Musk as a co-founder who contributed about $38 million in its early years. Internal records show that in January 2018 he agreed to explore raising $10 billion through an initial coin offering, or ICO, before concluding that the move would severely damage the organization's credibility. That reversal has become important context in the dispute over whether OpenAI abandoned its public-interest mission.

Testifying in federal court in Oakland, California, on April 30, 2026, Musk said some cryptocurrencies had value but that most were scams, apart from Bitcoin and a handful of other assets. The proceedings also disclosed OpenAI's ICO discussions, although the plan was never carried out. Musk cited them in accusing OpenAI of shifting toward profit and is seeking the return of up to $134 billion in gains to be placed in his charitable arm.