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.

OpenAI wants to make clear that Robinhood's sale of "OpenAI tokens" will not give everyday consumers equity — or stock — in OpenAI.