The trading platform Robinhood encountered an issue with its latest promotion after OpenAI publicly denied any involvement with the company’s new “stock token” giveaway. The issue started earlier this week when Robinhood announced a special offer for new users in the European Union, promising them 5 euros worth of tokens tied to the private companies OpenAI and SpaceX.
However, OpenAI quickly took to the social media platform X to set the record straight. The AI company stated that it had not partnered with Robinhood on the offer and did not endorse the tokens. This public denial created confusion and raised questions about how Robinhood could offer tokens for a private company with which it had no relationship.
In response, a spokesperson for Robinhood clarified that it was a “limited” promotion. They explained that the offer was made possible because Robinhood holds a stake in a “special purpose vehicle,” or SPV, which presumably holds shares of OpenAI. Robinhood did not name the specific investment vehicle.
This incident highlights the growing excitement and significant challenges surrounding stock tokens, especially those linked to private companies. While they offer a way to invest in firms before they go public, creating them is complicated due to strict rules governing the trading of private shares. SpaceX, the other company whose tokens were offered, has not yet commented on the matter.
