Robinhood plans to cut its headcount by ~23% over “additional deterioration of the macro environment”, after laying off ~9% of full-time employees in April 2022
The job cuts mark the second round of layoffs for the online brokerage, which exploded in popularity during the Covid-19 pandemic Source: Under the Hood .
Wall Street Journal Caitlin McCabe
Related Coverage
- A Message from our CEO and Co-Founder Vlad Tenev Under the Hood
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- Terminated in 2022: How you know you're being laid off and what to do first Global Nerdy · Joey deVilla
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- Robinhood Lays Off 23% of Staff a Day Before Earnings Report Blockworks · Casey Wagner
- Robinhood Reports Second Quarter 2022 Results Robinhood
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- Robinhood to Reduce its Workforce by 23%, Citing Broad Crypto Market Crash CryptoPotato · Dimitar Dzhondzhorov
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- Busy day for Robinhood: mixed earnings, staff layoffs and a $30M regulatory fine SiliconANGLE · Duncan Riley
- Broker Robinhood Slashing Nearly One-Quarter of Workforce CoinDesk · Michael Bellusci
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Discussion
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@ronlieber
Ron Lieber
on x
Still surprised that nobody big has bought Robinhood to take their customers and hire their designers. What am I missing? Still too expensive? Is there something... wrong with the customer base? https://www.wsj.com/...
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@rmac18
Ryan Mac
on x
Robinhoodies? Come on man. https://twitter.com/...
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@menlobear
Adam Taggart
on x
Today's #layoffs casualty: Robinhood Lays Off 23% of Staff This is its 2nd round of job cuts this year. Together, the two rounds have cut more than 1,000 jobs from the company https://www.wsj.com/...
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@carlquintanilla
Carl Quintanilla
on x
VLAD TENEV: “In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me.” $HOOD @WSJ https://www.wsj.com/...
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@michelezanini
Michele Zanini
on x
Getting fired via Slack is the #futureofwork we've all been dreaming of https://blog.robinhood.com/... https://twitter.com/...
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@seldo
Laurie Voss
on x
Bored Markets Hypothesis confirmed https://twitter.com/...
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@bullandbaird
Michael Antonelli
on x
$HOOD is laying off close to a quarter of its company. Good lord.
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@ahcastor
Amy Castor
on x
The pandemic darling is seeing its fortunes unwind. Robinhood is laying off nearly a quarter of its staff https://www.wsj.com/...
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@carnage4life
Dare Obasanjo
on x
The structural problem for Robinhood is that the product actually isn't good for its customers. Making it easy for people to gamble on stocks & crypto is actually worse than a Vegas casino since at least those have star studded shows, free drinks and nice restaurants.
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@steveclapham
@steveclapham
on x
Robinhood Markets is slashing about 23% of its staff Tenev said the company grew its head count to nearly 3,900 in Q1 22 from roughly 700 at end 2019. Hardly surprising. Stock down 50% this year. I would have guessed more https://www.wsj.com/...
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@quinnypig
Corey Quinn
on x
It's a tough time to run a casino... https://twitter.com/...
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@seldo
Laurie Voss
on x
I'm sure it's just a freak coincidence that discovering the money laundering is illegal and laying off a quarter of their staff happened on the same day. https://www.wsj.com/...
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@carnage4life
Dare Obasanjo
on x
Robinhood is laying off 23% of its staff after laying off 9% in April. Revenue of $318M is down -44% from $565M last year. I've mentioned before that Robinhood, Coinbase & Draftkings are all in the same business yet only one of them realized that. https://www.cnbc.com/...
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@chriskeall
Chris Keall
on x
Ouch. Big collapse in retail investor activity - at least on the trendiest platform. Live by the Reddit, die by the Reddit https://twitter.com/...
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@karaswisher
Kara Swisher
on x
Looks like me and attention seeking buffoon @profgalloway called this right on @PivotPod, even though the ha-ha boys touted it: Robinhood cutting about 23% of jobs, releases second quarter earnings https://www.cnbc.com/...