OpenAI disavows online broker Robinhood's sale of 'OpenAI tokens'

OpenAI has condemned online brokerage firm Robinhood's sale of "OpenAI tokens," saying they will not give consumers stock in the company. "We did not partner with Robinhood, were not involved in this, and do not endorse it," the company said in a post on X, adding that the tokens are not equity and that it did not give approval for any transfer.

The statement addresses a recent move by Robinhood to provide European investors access to what it calls a limited stock token on OpenAI and SpaceX. "These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle," Robinhood said in its own X missive.

So what is a special purpose vehicle (SPV)? Robinhood is suggesting that it owns private shares in OpenAI that it keeps in a separate ...