Robinhood Announces, Massive Layoffs , Along With Second-Quarter Earnings .
On November 8, Robinhood CEO Vlad Tenev announced
via press release that the fintech company would
be laying off approximately 23% of its workforce.
On November 8, Robinhood CEO Vlad Tenev announced
via press release that the fintech company would
be laying off approximately 23% of its workforce.
NBC reports that the layoffs will mostly
be focused on operations, marketing
and program management.
According to Tenev, the reduction comes as a result of , “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”.
According to Tenev, the reduction comes as a result of , “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”.
In April, Robinhood laid off 9% of its employees.
I want to acknowledge
how unsettling these
types of changes are, Vlad Tenev, Robinhood CEO, via NBC.
According to the press release, Robinhood will
flatten its organizational structure, giving new
general managers more responsibility for business.
According to the press release, Robinhood will
flatten its organizational structure, giving new
general managers more responsibility for business.
Directly following a November 8 all-hands meeting,
Tenev said that impacted employees would be informed
if they still have a job via an email and a Slack message.
Directly following a November 8 all-hands meeting,
Tenev said that impacted employees would be informed
if they still have a job via an email and a Slack message.
The announcement of the layoffs came with the company's
earnings report for the second quarter, which saw declines
in revenue, stock value and monthly active users.
The announcement of the layoffs came with the company's
earnings report for the second quarter, which saw declines
in revenue, stock value and monthly active users.
NBC reports that shares of Robinhood
are currently down 48% compared
to the same time in 2021.
In July of 2021, the company went public
at $38 per share, jumped as high as $85 per
share and is now down to just $9.23 a share
