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 said Wednesday that it does not endorse the "tokenized" version of its stock that trading platform Robinhood plans to make available to its European users.