On September 4, Robinhood fell 4.02% in pre-market trading, trading around $119.53/share, with turnover of approximately $75.36 million. The decline was triggered by AMC Entertainment CEO Adam Aron publicly attacking Robinhood over the launch of a tokenized version of AMC shares.

Aron labeled the tokenized AMC stock as \"contemptible\" and \"outrageous,\" stating that AMC had no connection to the token and that it was not registered under US securities laws. He announced that the company's outside securities counsel would investigate the matter. In a public exchange with Robinhood CEO Vlad Tenev, Aron described the list of concerns as \"almost existential,\" questioning how Robinhood could operate the tokenized product from Jersey and market a security resembling AMC shares without complying with US securities regulations. The controversy adds to existing compliance concerns after Robinhood Chain had previously experienced a counterfeit Farmmi tokenized stock incident.

The pullback comes after a strong run-up, with the stock having surged 7.67% just the prior session on September 3, driven by Morgan Stanley's double upgrade to Overweight and record on-chain revenue data. The compliance scrutiny now puts pressure on Robinhood's rapidly expanding tokenized stock business, which recently accounted for roughly 78% of its RWA on-chain trading volume.

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