Robinhood lays off 23% of staff, CEO Vlad Tenev says, ‘This is on me’

It’s been a volatile year for retail investment behemoth Robinhood. The fintech company is slashing 23% of its workforce, as first reported by the Wall Street Journal and confirmed by TechCrunch. The layoff comes just three months after Robinhood cut 9% of full-time staff.

At the time of its last layoffs in late April, it is believed that Robinhood had about 3,100 employees after letting go of around 300 workers. Doing the math, a 23% reduction in staff would amount to about 713 employees affected, leaving roughly 2,400 employees currently employed at the company

Robinhood did not comment directly on the latest layoffs, pointing TechCrunch only to a blog post by CEO and co-founder Vlad Tenev. In that post, Tenev wrote that while “employees from all functions would be impacted, the layoffs are “particularly concentrated” in the company’s operations, marketing and program management functions.

source-https://techcrunch.com/2022/08/02/robinhood-23-layoff-vlad-tenev-responsibility-hiring/