Companies declare all stock sales without board approval legally void, targeting secondary market platforms and SPVs.
Anthropic and OpenAI have invalidated all unauthorized share transfers, declaring them void and unrecognized. The move targets secondary market platforms like Forge Global and Hiive, as well as special purpose vehicles (SPVs) and forward contracts used to bypass approval requirements.
Both firms updated their stock transfer policies this week, emphasizing that only board-approved transactions, such as OpenAI’s $6.6 billion employee tender offer, hold legal and economic value. Unauthorized buyers risk holding worthless shares with no shareholder rights.
The crackdown follows widespread use of SPVs—shell companies pooling investor funds to acquire private shares—as a workaround for direct transfers. The companies warned that such structures now carry no legal standing under their updated policies.