linux - Why is grep failing to match an equal sign?

This works:

$ sudo gitlab-runner list 2>&1 | grep 'Token'
Python 2.7.14                                       Executor=docker Token=bccdbf31ef6bc74b2ae4980d8eccea URL=http://something
Docker                                              Executor=docker Token=5b06f034f48d3543848d7d209ce80c URL=http://something
Ansible                                             Executor=docker Token=e2215647f2c9981c8d74abaf324983 URL=http://something

This doesn't:

$ sudo gitlab-runner list 2>&1 | grep 'Token='
(empty)

Why?

I am using:

$ grep --version
grep (GNU grep) 2.25
Copyright (C) 2016 Free Software Foundation, Inc.
License GPLv3+: GNU GPL version 3 or later .
This is free software: you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.

Written by Mike Haertel and others, see .