Investment Tips

Robinhood shares fall after OpenAI denies partnership with the company

Robinhood Markets Inc. (HOOD) fell on Thursday after OpenAI denied that Robinhood’s token shares of OpenAI were equity in OpenAI.

Shares of Robinhood fell nearly 6% to an intraday low of $92.11. The stock has recovered slightly and is trading around $93.

Robinhood’s shares had risen 6% and hit an all-time high of $100.88 on Wednesday after it announced the launch of the token in France.

OpenAI disavows tokenized shares

Shortly after Robinhood’s announcement from Cannes, France on Monday, OpenAI issued a strong statement on X, distancing itself from the offering.

“These ‘OpenAI tokens’ are not OpenAI equity,” the company wrote. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

OpenAI further emphasized that any transfer of its equity requires prior approval—approval it had not granted.