The app that allows laypeople to interact with the stock market cited redundant positions for the layoffs, but doesn’t mention plummeting share price.
Robinhood’s band of merry men is rapidly shrinking, as the investment app’s CEO announced they were laying off 9% of the company in aRobinhood CEO Vlad Tenev wrote that from 2020 through 2021, the company went through a period of “hyper growth” due to low interest rates and fiscal stimulus.
“We grew net funded accounts from 5M to 22M and revenue from approximately $278 million in 2019 to over $1.8 billion in 2021,” Tenev wrote in his post. “To meet customer and market demands, we grew our headcount almost six times from 700 to nearly 3,800 in that time period.” That rapid increase in employees led to “some duplicate roles and job functions, and more layers and complexity than are optimal,” according to Tenev.
The company CEO said they currently have $6 billion in the bank, and they still expect to expand its brokerage, crypto, and spending/saving services. Yet the company’s shares are at an all-time low, even before the company announced its mass layoffs.
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