OpenAI Denies Robinhood Token Sale Authorization
OpenAI Denies Authorization for Robinhood's Token Sale
OpenAI has issued a firm statement denying any collaboration with Robinhood regarding the sale of "OpenAI tokens." The company clarified that these tokens do not represent equity or stock in OpenAI and emphasized that any transfer of OpenAI equity requires its explicit approval, which has never been granted.
The Controversy
On Wednesday, OpenAI posted on its official X newsroom account:
"These 'OpenAI tokens' are not OpenAI equity. We have not collaborated with Robinhood, have not participated in this matter, and do not endorse it. Any transfer of OpenAI equity requires our approval — we have never approved any transfer. Please proceed with caution."
Robinhood had previously announced the launch of a service allowing EU residents to invest in "tokenized stocks" of private companies like OpenAI and SpaceX. While this announcement initially boosted Robinhood's stock price, it also drew scrutiny due to the unconventional nature of the offering.
Robinhood's Explanation
In response to OpenAI's statement, Robinhood spokesperson Rouky Diallo explained to TechCrunch that the tokens were part of a "limited" giveaway. The tokens are tied to a special purpose vehicle (SPV) that holds shares in OpenAI, providing retail investors with indirect exposure. However, SPV shares are not direct ownership and may not reflect actual stock prices.
Robinhood's help center explicitly states:
"When purchasing any of its stock tokens, you are not buying actual stock, but rather a tokenized contract that follows its price and is recorded on the blockchain."
CEO's Vision
Robinhood CEO Vlad Tenev defended the initiative on X, acknowledging that the tokens are technically not equity but argued they democratize access to private assets. He described the giveaway as the first step in a broader plan to expand investment opportunities for retail investors.
Key Points
- OpenAI denies authorization: The company confirms no collaboration or approval for Robinhood's token sale.
- Not actual equity: Tokens represent indirect ownership via an SPV, not direct shares in OpenAI.
- Investor caution advised: OpenAI warns against misleading claims about token ownership.
- Regulatory scrutiny likely: The unconventional offering may attract attention from financial regulators.
