Not all tokenized stocks are created equal. Different tokens can track the same public company without giving investors the same legal claim. Tesla alone has five tokenized versions, spanning registered securities, structured notes, debt certificates, and trust interests. All are designed to follow the same stock, but they connect investors to it in different ways. Wrappers account for roughly 84% of tokenized-stock value. In most wrapper structures, investors hold a contractual claim linked to the underlying stock rather than becoming direct shareholders. The key difference is what each token represents. Some give investors direct ownership of the underlying share. Others provide economic exposure without direct ownership. The structure determines whether the token can be redeemed for shares or cash and whether holders receive voting or dividend rights. The same market exposure does not always mean the same ownership.