AMC CEO questions Robinhood stock token mechanism

AMC Entertainment CEO Adam Aron has publicly challenged Robinhood's stock token business, directing inquiries to CEO Vlad Tenev and Chief Legal Officer Dan Gallagher. Aron questioned the issuance of these products through a Jersey-based entity and the validity of the claimed 1:1 underlying stock support. He specifically asked whether tokens remain fully backed if the underlying shares are lent to short sellers and noted that these tokens lack shareholder rights such as voting. According to Robinhood, the tokens are issued by Robinhood Assets (Jersey) Limited as tokenized debt securities and are not available to U.S. persons.