Retail trading giant Robinhood is laying off about 23% of its employees as trading activity on the platform declines.
In a new statement, the firm’s CEO Vlad Tenev says that the company is slashing the size of its workforce partly because of the crypto crash.
The layoffs come after the company already announced a 9% staff cut in April.
Trending: Ilhan Omar Voted Out Today?
“Earlier this year, I announced that we would be letting go of 9% of our workforce and focusing on greater cost discipline throughout the organization. This did not go far enough.
Since that time, we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody.”