#vladtenev

Robinhood CEO Vlad Tenev has responded to criticism from OpenAI regarding the trading platform’s tokenized stock offerings, saying it's “not entirely relevant” that these tokens do not represent direct equity ownership in companies like OpenAI or SpaceX.

The comments follow a public statement by OpenAI, which warned that Robinhood’s tokens do not constitute official company equity and emphasized that any transfer of OpenAI shares requires its approval — which was not granted. Despite this, Robinhood maintains that its tokenized stocks are enabled through ownership stakes in special purpose vehicles (SPVs), offering European Union users indirect exposure to high-profile U.S. companies, including private firms.

“It is true that these are not technically equity,” Tenev said on CNBC’s Squawk Box Europe. However, he stressed the importance of allowing retail investors access to disruptive sectors like AI, even if the instruments differ from traditional shares. “What’s important is that retail customers have an opportunity to get exposure to this asset,” he noted.

OpenAI, originally a non-profit, now operates through a hybrid structure, where the for-profit entity is owned by the non-profit. This complex setup has allowed some institutional investors to participate through convertible instruments, though direct equity remains tightly controlled.

The situation has drawn the attention of the Bank of Lithuania — Robinhood’s lead regulator in the EU. The bank said it is awaiting more information from Robinhood before assessing the legality and compliance of these tokenized instruments. “The information for investors must be provided in clear, fair, and non-misleading language,” said bank spokesperson Giedrius Šniukas.

Tenev responded by expressing confidence in Robinhood’s approach, stating, “We’ve built this program in a way that we believe will withstand scrutiny, and we expect to be scrutinized as a large, innovative player in this space.”