Elon Musk said most cryptocurrencies are scams during testimony in his lawsuit against OpenAI, where past plans for an initial coin offering (ICO) also surfaced, according to New York Times reporter Mike Isaac. In court Musk was quoted saying, “Some of them have merit, but most of them are scams,” in response to emails showing OpenAI once discussed holding an ICO to fund the company.
Musk, a vocal Dogecoin supporter, has said in interviews that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Tesla holds Bitcoin on its balance sheet and accepts DOGE for select merchandise. The company reported retaining its full 11,509 Bitcoin holdings through Q1 2026, despite Bitcoin falling about 22% during the quarter and temporarily reducing the value of those assets from roughly $1 billion to about $786 million. Tesla has not changed its crypto position since early 2025, after selling 75% of its holdings in 2022.
The legal battle between Musk and OpenAI CEO Sam Altman entered a new phase as a trial began in California over OpenAI’s future. Musk alleges Altman and OpenAI breached their founding agreement by converting the organization from a non-profit into a for-profit entity tied to Microsoft; OpenAI contends Musk had agreed to the change. Jury selection highlighted generally negative views of Musk but assurances of fairness.
The trial, expected to last about three weeks, carries high stakes: Musk seeks leadership removal, reversal of the restructuring, and more than $134 billion in damages, while OpenAI prepares for a possible IPO.
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