The news comes on the heels of a dire revenue report, with company shares taking a 3% tumble in extended trading
Robinhood, the trading platform that gained notoriety for allowing amateur stock investors to play the market, isnearly a quarter of its staff – citing economic conditions and the crash of the cryptocurrency market.
The company will lay off about 23% of its employees as part of a “reorganization”, said CEO Vladimir Tenev in a blog post. “Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the Covid era would persist into 2022,” wrote Tenev.
“As CEO, I approved and took responsibility for our ambitious staffing trajectory - this is on me,” Tenev said.
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