In the ever-evolving world of finance and investment, new concepts constantly emerge that challenge traditional notions of ownership and trading. The recent announcement by Robinhood Markets offering “stock tokens” tied to private companies like OpenAI and SpaceX has sent ripples through the investment community, sparking curiosity, excitement, and controversy alike. These tokens, which Robinhood is giving away as $5 incentives to European investors, promise exposure to some of the most innovative companies on the planet—but they come with caveats that investors need to understand deeply before jumping in. At the heart of the matter is the concept of “stock tokens,” a relatively new form of digital asset that attempts to bring private company investment into the retail investor’s reach. Traditionally, investing in private companies like OpenAI or SpaceX has been limited to institutional investors, venture capitalists, or insiders. The emergence of tokenized stocks aims to democra...