The popular stock trading platform Robinhood, made infamous during the meme stock craze, is reportedly laying off about a quarter of its staff, according to company CEO Vlad Tenev.
The Verge reports that in a recent blog post, Robinhood CEO Vlad Tenev revealed that the company is laying off almost a quarter of its staff. Tenev wrote in the post: “As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%. While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.”
Robinhood Chief Product Officer Aparna Chennapragada will also reportedly be stepping down from her post, according to a recent