Elon Musk told a court that “Some of them have merit, but most of them are scams,” during testimony in his lawsuit against OpenAI, according to New York Times reporter Mike Isaac. The remark came as emails surfaced showing OpenAI once discussed the possibility of an initial coin offering (ICO) to help fund the company.
Musk, a prominent Dogecoin backer, has said in interviews that he personally holds Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE). Tesla also maintains Bitcoin on its balance sheet and accepts DOGE for select merchandise. The company reported holding its full 11,509 Bitcoin through Q1 2026, even after Bitcoin fell roughly 22% during the quarter, temporarily reducing the value of those holdings from about $1 billion to roughly $786 million. Tesla last altered its crypto position in early 2025, following a 75% sale of its holdings in 2022.
The courtroom phase of the dispute between Musk and OpenAI CEO Sam Altman opened in California as the court considers the company’s future. Musk alleges Altman and OpenAI breached their founding agreement by converting the organization from a nonprofit into a for-profit entity with ties to Microsoft. OpenAI counters that Musk had previously agreed to the restructuring. Jury selection revealed generally negative views of Musk among prospective jurors, though many assured the court they could remain fair.
The trial is expected to run about three weeks and carries significant consequences. Musk is seeking the removal of current leadership, reversal of the restructuring, and more than $134 billion in damages. OpenAI, for its part, is preparing for a potential initial public offering.
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