Robinhood Says OpenAI Stock Tokens Backed by Special Purpose Vehicle
2025-07-09 06:05:36
Main Idea
Robinhood's tokens offering equity in OpenAI are not technically equity but are backed by a special purpose vehicle, and OpenAI has not approved these tokens.
Key Points
1. Robinhood CEO Vlad Tenev stated that the tokens are not equity but are backed by Robinhood's ownership stake in a special purpose vehicle.
2. OpenAI has warned that the tokens being offered by Robinhood do not have their approval.
3. Robinhood is not the first platform to offer shares in pre-IPO companies, raising questions about what customers actually own.
4. Ripple CEO Brad Garlinghouse distanced Ripple from Linqto, stating they stopped approving Linqto purchases in late 2024 due to growing skepticism.
Description
Robinhood tokens offering equity in OpenAI technically aren't equity, Vlad Tenev confirmed in a recent CNBC interview , but are backed by "Robinhood's ownership stake in a special purpose vehicle." OpenAI warned earlier this month that the tokens being offered by Robinhood do not represent equity in the company, and any transfer of equity would require OpenAI's approval which they haven't given. "In and of itself, I don't think it's entirely relevant that it's not technically an equity instrumen...
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