OpenAI Casts Doubt on Robinhood’s New Tokenized Equity Products

Robinhood Markets Inc. shares fell after OpenAI advised caution to customers taking advantage of the brokerage’s offer for access to equity “tokens” for the closely held company led by Sam Altman.

The artificial-intelligence firm said the tokens offered by Robinhood aren’t company equity, and that OpenAI neither collaborated on nor endorsed the offering, triggering questions about the tokenization of private-company shares more broadly.

“Any transfer of OpenAI equity requires our approval—we did not approve any transfer,” the company said in a statement on social-media platform X. “Please be careful.”

Shares of Robinhood fell as much as 6% in New ...