In a recent CNBC interview, Robinhood CEO Vlad Tenev defended the company’s tokenized stock offerings for OpenAI and SpaceX amidst growing criticism. Tenev asserted that the primary focus is granting retail investors access to fractional shares of these notable private companies, even if the digital tokens are not technically classified as equity. He explained that the tokens are backed by a special-purpose vehicle owned by Robinhood, providing innovative exposure to major firms before they go public. This comes as OpenAI distanced itself from the tokens, clarifying that they do not endorse the product, as any equity transfer requires their approval. Following Tenev’s remarks, Robinhood’s stock dropped by 2%, with user sentiment shifting from “extremely bullish” to “bullish.” Meanwhile, the Bank of Lithuania is reviewing the structure for investor protection compliance. Robinhood is expanding its offerings in the EU, having launched over 200 crypto-based representations of U.S. stocks and ETFs.
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