Five Magnificent 7 Companies Oppose Stock Tokenization; Objecting Firms Rise to 56

Opposition to stock tokenization is spreading among listed companies, with five members of the Magnificent 7 now among the firms objecting.

According to CryptoAmerica host Eleanor Terrett, six companies — Tesla, Amazon, Netflix, SpaceX, Lam Research and SoFi Technologies — filed additional objections on November 3 to stock-tokenization businesses pursued by crypto exchange OKX and Intercontinental Exchange.

That brought the total number of companies that have expressed opposition to 56. The group includes five of the Magnificent 7 — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla — the companies that dominate the U.S. stock market.

Stock tokenization refers to the creation of blockchain-based digital tokens representing assets or rights linked to existing shares. The concept has drawn interest across global finance because blockchain technology could make trading and settlement more efficient.

The specific reasons for the latest objections were not disclosed. Terrett reported the development on X, formerly Twitter, and questioned the reasons for the opposition while mentioning Tesla Chief Executive Officer Elon Musk and SoFi Chief Executive Officer Anthony Noto.

As opposition from major listed companies continues, attention is focusing on whether exchanges pursuing stock-tokenization businesses can reach agreements with the companies involved. With multiple Magnificent 7 companies having raised objections, issuers' rights and the question of corporate consent are set to become key issues as the business moves forward.