Robinhood’s stock hit record highs with its crypto token launch, but shares slid after OpenAI denied involvement, warning the tokens aren’t legitimate equity.

Robinhood stock popped this week on news that European users could trade "tokenized" stock in private companies. OpenAI distanced itself from the plan.

OpenAI has openly criticized Robinhood for its new token giveaway under the name “OpenAI tokens,” cautioning that these digital assets do not represent actual ownership or equity in the company. “We did not partner with Robinhood,” OpenAI said, “and do not endorse it.”