Robinhood Brings The Axe Down On 780 Employees As Shares Plunge 50%

Robinhood Brings The Axe Down On 780 Employees As Shares Plunge 50%


Robinhood Markets announced Tuesday plans to render another 23% of its workforce jobless – just months after the app-based brokerage let go of 9% of its employees.

On Tuesday, Robinhood said it was laying off 780 employees and also announced the departure of a key executive.

The job cuts were concentrated in marketing, operations and program management functions, chief executive officer Vlad Tenev said in a statement.

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Crypto Collapse Among Factors That Led Robinhood To Fire Staff

According to Tenev, “deterioration of the macro environment, with inflation registering 40-year peaks accompanied by a wide crypto market collapse” is the impetus behind the layoffs.

The latest terminations represent a continuation of the

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