OpenAI has clarified that it has no affiliation with Robinhood’s recent stock token promotion involving its brand. Earlier this week, Robinhood announced a campaign offering eligible European users €5 worth of stock tokens, including ones labeled for OpenAI and SpaceX, as an incentive for registering to trade stock tokens by July 7. This move prompted questions about whether the involved companies had authorized their inclusion in the campaign.
However, OpenAI took to the social media platform X to distance itself from the offer. The AI research lab stated explicitly that it neither endorsed the stock tokens nor had any role in their issuance, thereby refuting any implication of a formal partnership with the trading platform. OpenAI’s statement aimed to address potential confusion among the public and investors.
In response to OpenAI’s clarification, Robinhood issued a statement noting that the giveaway was a “limited” initiative. The trading company said it was enabled by their ownership stake in a special purpose vehicle (SPV), though it refrained from disclosing which SPV was involved. This explanation leaves some questions unanswered about the origins and structure of the tokens.
The incident has reignited broader concerns about the complexities of stock tokens, particularly when tied to private companies like OpenAI and SpaceX. Unlike public equities, shares in private firms face tight regulatory controls that complicate their use in tokenized form. This has made ventures into tokenized securities particularly sensitive from a legal and reputational standpoint.
Meanwhile, SpaceX, the other company named in Robinhood’s token offering, has yet to comment publicly. The situation underscores the importance of clear authorization when using brand names in financial products, especially amid rising investor interest in digital securities and tokenized assets.
Source: Reuters