AMC’s CEO lost his mind over a Robinhood token he did not know existed

Adam Aron discovered that Robinhood had tokenized AMC stock on its own blockchain without telling anyone at AMC. His reaction set off a corporate brawl that exposed the biggest unresolved question in tokenized finance: who gets to decide what happens to your stock? Summary AMC CEO Adam Aron called Robinhood’s tokenized AMC stock “contemptible, outrageous, disgusting, detestable, inexcusable, vile” after discovering the listing on Robinhood Chain without AMC’s knowledge or consent. AMC shares surged 21% overnight to $3.07 as the public feud between Aron and Robinhood CEO Vlad Tenev played out on X, with Tenev responding “What’s the concern?” and Robinhood’s chief legal officer sarcastically offering to teach AMC’s lawyers securities law. Robinhood tokenized more than 190 companies through Robinhood Assets (Jersey) Limited, a Channel Islands affiliate operating outside US securities registration, creating synthetic exposure instruments that carry no ownership rights, no voting power, and no shareholder protections. Aron described the situation as “almost existential,” arguing that AMC spends millions annually on SEC compliance while Robinhood recreates the same market exposure from a...