Robinhood’s stock hit record highs with its crypto token launch, but shares slid after OpenAI denied involvement, warning the tokens aren’t legitimate equity.

Elon Musk has criticized OpenAI's equity, deeming it 'fake' after the company warned investors about fraudulent 'OpenAI tokens.' These tokens, falsely presented as company shares, prompted OpenAI to clarify its lack of affiliation with Robinhood and any endorsement of such offerings.

Robinhood stock popped this week on news that European users could trade "tokenized" stock in private companies. OpenAI distanced itself from the plan.