Economy

Robinhood lays off 23% of its employees as buying and selling cools

Buying and selling app Robinhood on Tuesday introduced that it’s shedding round 23% of its workforce, simply months after chopping 9%.

The large image: Robinhood rose in the course of the bull marketplace for shares, after which soared even increased alongside cryptocurrencies. The layoffs replicate the corporate’s decrease buying and selling volumes and income, as each markets have retreated.

By the numbers: The brand new layoffs would seem to influence simply over 750 individuals, placing the whole 2022 cuts north of 1,000.

What they’re saying: Robinhood co-founder and CEO Vlad Tenev wrote on the corporate’s weblog: “Final 12 months, we staffed a lot of our operations capabilities below the belief that the heightened retail engagement we had been seeing with the inventory and crypto markets within the COVID period would persist into 2022. On this new surroundings, we’re working with extra staffing than applicable. As CEO, I accepted and took accountability for our formidable staffing trajectory – that is on me.”

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