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.

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

Key Takeaways ChatGPT maker OpenAI distanced itself from the "stock token" project Robinhood announced earlier this week.OpenAI said tokenized versions of its stock are not official equity in the private company.