OpenAI Denies Robinhood's Stock Token Claims, Warns of Unauthorized Equity Representation

Artificial intelligence firm OpenAI has issued a public statement refuting any association with Robinhood's tokenized equity campaign, cautioning investors that the promoted 'OpenAI tokens' lack legitimacy. In a July 2 post from its official Newsroom account on X, the ChatGPT developer clarified it had no involvement in creating or distributing the tokens being offered by the trading platform.

'We did not partner with Robinhood, were not involved in this initiative, and do not endorse it,' OpenAI stated unequivocally. The company emphasized that any transfer of actual OpenAI equity requires its explicit approval, which was never granted for this program.

The clarification came shortly after Robinhood CEO Vlad Tenev announced at a Cannes event that eligible European users could soon claim tokenized shares of private companies including OpenAI and SpaceX. Robinhood had marketed these as 'stock tokens,' offering €5 worth of OpenAI and SpaceX tokens to qualifying EU users who registered by July 7.

Responding to OpenAI's rejection, Tenev posted on X that the tokens weren't meant to represent actual equity but rather provide exposure to private assets. 'Our limited Stock Token giveaway offers retail investors access to these private assets, though technically not equity,' he explained, directing users to platform terms for details.

The controversy arises as Robinhood expands its crypto offerings, having recently launched perpetuals trading, staking services, and an Arbitrum-based Layer 2 blockchain network alongside these stock tokens.