Today, OpenAI officially stated that the "OpenAI token" on Robinwood is not an OpenAI equity, and many people think Robinwood is faking it. In fact, it is not the case. Many times, the shares of unlisted companies circulating in the private equity secondary market are not direct equity, but LP shares of the investment funds behind the unlisted companies (usually SPV structure, corresponding to real shares, exercised by GPs). The transfer of these equity shares does not require the official consent and confirmation of the company, and even many unlisted company officials may not be aware that the LP of the investment institution behind them has changed.