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Robinhood

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

Christian Encila
by Christian Encila
5 months ago
·
Posted in Breaking News, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading | Michael Saylor Ditches CEO Position As MicroStrategy Suffers $1 Billion Loss

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 once-thriving online brokerage’s rapid decline.

In another development, the state of New York slapped the Menlo Park, California-based company with a $30 million fine for alleged violation of anti-money laundering and cybersecurity disclosure requirements. Meanwhile, other regulatory fronts such as Nebraska sports betting continue to evolve, reflecting broader scrutiny and shifting compliance standards across financial and digital asset sectors.

Image: Business Upside

Second Batch Of Terminations Since April

Robinhood had previously ended the employment contracts of 9% of its staff in April. “I want to acknowledge how unsettling these types of changes are,” Tenev said.

In July of last year, Robinhood’s initial public offering (IPO) was fueled by a pandemic trading surge. The company’s monthly active users on its app dropped precipitously, and its stock plummeted.

During the COVID-19-triggered crisis, the company’s user-friendly interface made it popular among young investors trading cryptocurrencies and stocks such as GameStop Corp. from home.

CEO Takes Blame For Robinhood’s Freefall

Tenev stated that they thought that the market circumstances they observed in 2020 and 2021 would persist for a longer period of time than they did, and he was solely to blame when everything broke apart. “This is on me,” he admitted.

The CEO also pointed out that “the reality of it was they over-hired, in particular in some of these support functions.”

Related Reading | Bitcoin Relished Its Best Month In July 2022 – How Will BTC Perform This August?

Robinhood CEO Vlad Tenev. Image: Guest of Guest

The business is now confronting a new reality: its growth is reversing as the retail boom appears to lose pace.

CNBC reported on Tuesday that shares of Robinhood, which have lost more than 75 percent of their value since their IPO, concluded the day at $9.23 a share, down nearly 50 percent year to date.

The company’s shares fell around 2% during extended trading, the report added.

In a separate filing on Tuesday, Robinhood announced the departure of its chief product officer, Aparna Chennapragada, and the shutdown of two offices.

It’s estimated that severance and benefits will cost the firm $30 to $40 million, and that the office closures will cost the company anything from $15,000 to $20,000 in lost revenue.

BTC total market cap at $443 billion on the daily chart | Source: TradingView.com

Featured image from Trees.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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