Robinhood cutting about 23% of jobs, releases second quarter earnings

Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%.

Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%.

The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

Robinhood had previously laid off 9% of its workforce in April.

“I want to acknowledge how unsettling these types of changes are,” Tenev said.

In the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibility for its businesses. He also said that affected employees would receive an email and a Slack message letting them know if they were being let go or still had a job, immediately after an all-hands meeting to discuss the move on Thursday.

https://www.nbcnews.com/business/business-news/robinhood-layoffs-company-blames-inflation-crypto-market-crash-rcna41219


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