Online trading brokerage Robinhood is cutting headcount by 780 workers, or about 23% its employees, in order to further streamline costs amid a continuing decline in monthly active users on the platform.
In a press release, Robinhood CEO Vlad Tenev said it was due to “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.” “The Hash” team discusses the fate of Robinhood and where it could be headed next.
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Robinhood slashes 23% of its workforce amid trading slumpCEO Vlad Tenev says soaring inflation and cryptocurrency crash is discouraging customers from trading. ya think. Gamestop maket manipulation? Robinhood is trash
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Robinhood to lay off 23% of its workforce, with CEO admitting 'this is on me'Robinhood Markets Inc. plans to cut its staff by 23%, citing the weakening economic environment and depressed trading activity. What the heck 'I take responsibity' and 'it is on me' mean from these guys? No consequences for them. It was a fair weather bubble investing company. Where are they going to go until the next bubble? Double top on $QQQ with double daily shooting star candles 🕯 triple top on $SPY that should help give a hint
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Robinhood online brokerage to cut 23% of its workforce, revenue sinks 44%The latest cuts, which will affect 780 employees, continues a massive freefall for the once high-flying online brokerage. And yes, cryptocurrency is involved.
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