Odaily Planet Daily reports: In a recent interview, Robinhood CEO Vlad Tenev directly responded to AMC’s criticism, stating that once a publicly traded stock is listed, other financial institutions should have the right to create financial products based on those stocks without needing prior approval from the issuing company.
Vlad Tenev stated that publicly traded stocks are inherently transferable assets owned by shareholders, and therefore other financial institutions should be able to offer financial products referencing those stocks without requiring approval from the issuing company. He specifically noted that Robinhood’s stock tokens are issued by independent entities and are backed by the underlying shares, and thus should not automatically require prior consent from the relevant publicly traded companies.
AMC CEO Adam Aron previously strongly criticized Robinhood’s tokenization of AMC shares, arguing that the move bypasses the issuing company and undermines the traditional relationship between the company and its shareholders, as token holders do not possess voting rights for the underlying shares. Regarding how Robinhood will exercise the voting rights associated with the underlying shares, Adam Aron stated that the company has not yet disclosed any specific plans. (CNBC)