Elon Musk characterized the majority of digital assets as fraudulent during his testimony at the Federal Courthouse in downtown Oakland on Thursday, April 30, 2026, as reported by Detik Finance. The statement occurred during legal proceedings involving a $150 billion lawsuit against OpenAI.
The billionaire’s remarks surfaced when he was questioned regarding a 2018 proposal for OpenAI to conduct an initial coin offering (ICO) to generate capital. New York Times reporter Mike Isaac documented the testimony where Musk provided his perspective on the crypto market to the jury.
“Some of them have merit, but most of them are scams,” stated Elon Musk, CEO of Tesla and SpaceX.
The testimony clarifies Musk’s stance during the period he was involved with OpenAI before resigning over disagreements regarding the company’s direction. The lawsuit alleges that leaders Sam Altman and Greg Brockman violated the organization’s non-profit mission by transitioning into a for-profit structure.
Musk’s skepticism toward broad crypto markets exists alongside his specific corporate investments and personal endorsements of certain tokens. As reported by Detik Finance through Arkham Intelligence data, Tesla currently maintains Bitcoin holdings valued at approximately $887 million.
While expressing caution regarding most tokens, Musk has previously indicated continued support for meme-based assets. In February, he suggested that SpaceX would eventually facilitate sending a specific cryptocurrency to the lunar surface.
“on the moon” said Elon Musk, CEO of SpaceX.
The legal battle continues as Musk seeks damages for what he describes as a betrayal of the start-up’s founding principles. Representatives for Tesla, SpaceX, and xAI have not issued formal confirmations regarding the specific details of the court statements.
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