OpenAI Denies Endorsement of Robinhood's Tokenized Equity

OpenAI, the company behind the popular AI chatbot ChatGPT, has publicly distanced itself from Robinhood's recent offering of tokenized equity, specifically the so-called "OpenAI tokens." The AI company has issued a clear warning that these tokens do not represent actual equity in OpenAI and are unauthorized. This move by OpenAI comes as a response to Robinhood's initiative to offer tokenized stocks, which has raised concerns about the legitimacy and transparency of such offerings.

The controversy stems from Robinhood's announcement of tokenized US stocks for its European users, which included tokens purportedly linked to OpenAI. However, OpenAI has firmly denied any involvement or endorsement of these tokens. The AI company has emphasized that the tokens do not confer any ownership or equity in OpenAI, and that they are not authorized by the company. This denial is part of a broader effort by OpenAI to safeguard its reputation and maintain transparent equity structures, as unauthorized token offerings can lead to misinformation and potential legal issues.

In a July statement by the Open AI Newsroom, the company clarified it had no role in the creation or distribution of the “OpenAI tokens” promoted by Robinhood, which were claimed to represent shares in the firm. “We did not partner with Robinhood, were not involved in this, and do not endorse it,” wrote the company. OpenAI’s statement came shortly after the trading platform’s co-founder and CEO Vlad Tenev announced at an event that eligible users would be able to claim tokenized shares of private companies, including OpenAI and SpaceX.

These “OpenAI tokens” are not OpenAI equity. 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.

Called “stock tokens,” the firm offered an incentive to grant €5 worth of OpenAI and SpaceX tokens to eligible users who register to trade stock tokens. The CEO said users could begin claiming the tokens one week after downloading the firm’s app, and confirmed that $1 million worth of OpenAI tokens had already been transferred to Robinhood for later distribution.

Responding to the ChatGPT maker’s rejection, Tenev posted a clarification, stating that the giveaway was never meant to represent actual equity but provide users exposure to private assets. “At our recent crypto event, we announced a limited Stock Token giveaway on OpenAI and SpaceX to eligible customers. 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,” he said.

The situation highlights the growing complexity of the financial landscape, where traditional equity structures are being challenged by new forms of digital assets. Companies like OpenAI are increasingly pushed to assert their stance on unauthorized token offerings to protect their interests and ensure that investors are not misled. The warning from OpenAI serves as a reminder to investors to exercise caution when dealing with tokenized assets and to verify the legitimacy of such offerings before making any investment decisions.