Money Stuff: The Podcast · Friday, September 11, 2026
Robinhood has begun offering tokenized versions of public company stocks, including AMC Entertainment, to international investors. This move has angered AMC CEO Adam Aron, who views these tokens as 'fake stock' and a challenge to his control over the company's shareholder base. Matt Levine argues that Vlad Tenev's perspective, that Robinhood is essentially creating its own version of AMC stock, is reasonable, despite Aron's concerns about unregistered securities and control.
“So Vlad Tenev is the CEO of Robinhood. Adam Aaron is the CEO of AMC Entertainment, the movie theater chain, and Memestock. And so Robinhood have gotten really into, like, tokenizing some public company stocks, and they're doing this thing where they're offering, outside of America, they're offering a tokenized version of some public company stocks, including AMCs.”
“And, like, Adam Aaron got wind of that and he got mad, and he, like, tweeted, like, this is, you know, this is fake stock or whatever. I forget what he said. You probably will actually know. And then, like, Vlad Danov's like, what's the problem here?”
“What's the concern? What's the concern? And, like, I don't know. I wrote this, like, there is a really powerful intuition, particularly at, like, meme stock companies for some reason, for good reason. There's this powerful intuition that, like, Only a company can create shares of its own stock. And if there are trades happening away from the company's knowledge, that's bad. And I don't share that intuition. And I'm with Vlad Tenev that, yeah, if you want to make your own AMC stock, essentially, these tokens are...”