OpenAI Says It Does Not Endorse Robinhood’s Stock Tokens | PYMNTS.com

Uncover insights within the Bitcoin area. This article dives into: “OpenAI Says It Does Not Endorse Robinhood’s Stock Tokens | PYMNTS.com”.

An OpenAI social media put up reportedly impacted Robinhood’s inventory value and set off a debate concerning the inventory tokens Robinhood introduced Monday (June 30).

“These ‘OpenAI Tokens’ are not OpenAI equity,” the OpenAI Newsroom account stated in a Wednesday (July 2) put up on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval — we did not approve any transfer. Please be careful.”

About three hours later, Robinhood CEO and Co-Founder Vlad Tenev stated in a put up on X that the corporate’s giveaway of OpenAI inventory tokens “plants a seed for something much bigger” and that Robinhood has heard from non-public firms that wish to take part on this tokenization providing.

“While it is true that they aren’t technically ‘equity’ (you can see the precise dynamics in our Terms for those interested), the tokens effectively give retail investors exposure to these private assets,” Tenev stated within the put up.

Bloomberg reported Thursday (July 3) that Robinhood’s shares fell as a lot as 6% Thursday after OpenAI posted its assertion and that the put up set off a broader debate concerning the tokenization of shares of personal firms.

A Robinhood spokesperson informed Bloomberg: “The tokens are enabled by Robinhood’s ownership stake in a special purpose vehicle. So while we don’t technically ‘own shares,’ the tokens give customers exposure to private market.”

Robinhood introduced Monday that it was launching U.S. inventory and exchange-traded fund (ETF) tokens within the European Union, giving eligible clients publicity to U.S. equities with Robinhood inventory tokens.

The firm stated that the providing offers European clients entry to greater than 200 U.S. inventory and ETF tokens, with inventory token holders receiving dividend funds immediately of their app.

“With tokenized stocks, our European app transitions from being a crypto-only app to an all-in-one investment app powered by crypto,” Robinhood stated in a Monday press launch.

On the identical day, the Robinhood EU account introduced in a put up on X the giveaway referenced later by Tenev.

“We’re giving away the first Private Company Stock Tokens of Open AI and Space X,” the put up stated. “If you’re a Robinhood EU customer and you qualify, you are now able to claim your tokens in-app until July 7th.”

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