Elon Musk said in testimony in his lawsuit against OpenAI that most cryptocurrencies are scams, but a report by New York Times reporter Mike Isaac also brought to light past ICO plans.
Elon Musk explained to the jury what cryptocurrencies are, saying, “Some of them have value, but most of them are scams.”
This is in response to an earlier email discussing OpenAI doing an ICO, or initial coin offering, to fund the company.
(ICO was popular at that time…)
— Mouse King🐀 (@MikeIsaac) April 29, 2026
The tech mogul and vocal fan of Dogecoin has admitted in multiple interviews that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin ($Doge).
His electric car company Tesla also has Bitcoin on its balance sheet. $Doge For purchasing carefully selected products.
The company reported that it will maintain its full holdings of 11,509 Bitcoin through the first quarter of 2026, even though Bitcoin fell 22% during the quarter, with its asset value briefly decreasing from approximately $1 billion to $786 million before recovering.
The company has not adjusted its crypto positions since early 2025 and has retained its reduced stake after selling 75% in 2022.
A California trial over the future of OpenAI began on Monday, marking a new phase in the legal battle between Musk and OpenAI CEO Sam Altman.
Mr. Musk claims that Altman and OpenAI violated the founding agreement by converting the organization from a nonprofit to a for-profit company tied to Microsoft, but OpenAI counters that Mr. Musk agreed to such a conversion. Jury selection expressed a generally negative view of Musk but emphasized guarantees of impartiality.
The trial is expected to last about three weeks and has high stakes, including the ouster of Musk’s executive team, a reversal of restructuring and a demand for more than $134 billion in damages as OpenAI prepares for a possible IPO.
