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"Your 'Equity' Is Fake" - Robinhood Faces Backlash After OpenAI Denounces Tokenize
Authored by Kathleen Kinder via CoinLaw.io,
OpenAI has publicly rejected Robinhood's new "OpenAI tokens," clarifying they do not represent actual equity in the company.
Key Takeaways
1. OpenAI disavowed Robinhood's tokenized equity products, stating they do not grant real ownership in OpenAI.
2. The tokens offer indirect exposure through a Special Purpose Vehicle, not direct shares.
3. Elon Musk and others have criticized Robinhood's efforts as misleading.
4. The move highlights growing tensions between crypto innovation and traditional private equity rules.
In a clash that is drawing widespread attention across finance and tech circles, OpenAI has forcefully rejected Robinhood's latest effort to sell "OpenAI tokens" to retail investors. The controversy erupted after Robinhood announced it would distribute these tokens to European Union users, promoting them as a way for everyday people to gain exposure to private company equity using blockchain technology. While Robinhood framed the move as a step toward democratizing finance, OpenAI and key industry voices have condemned the tokens as misleading and lacking in substance.