Robinhood introduced it’s lowering its workers by 23% (round 780 staff). Earlier this 12 months Robinhood laid off 340 staff, which was 9% of its workforce. Staff in operations, advertising and marketing and programme administration positions shall be largely affected by the cuts, the anti-money laundering division will stay intact.
Robinhood CEO and Co-Founder, Vlad Tenev wrote the next in a weblog publish:
“Let me clarify how we arrived at this resolution. Earlier this 12 months, I introduced that we’d be letting go of 9% of our workforce and specializing in larger value self-discipline all through the group.
“This didn’t go far sufficient. Since that point, we’ve seen extra deterioration of the macro setting, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional diminished buyer buying and selling exercise and belongings below custody.”
Robinhood’s income dropped to $318 million in comparison with $565 million(-44%) in the identical quarter in 2021.
FTX Acqusition?
There are speculations that FTX is because of purchase Robinhood. Though Bankman-Fried (which is holding a 7.6% stake in Robinhood) has denied FTX is intending to amass Robinhood, workers discount typically takes place throughout acquisitions or partnerhsips.
CoinFLEX, for instance, not too long ago diminished its workers however made it clear that the choice was primarily based on potential acquisition or partnership:
“After we have an effect on the plans across the CoinFLEX Composite distributions (inclusive of rvUSD, fairness and FLEX Coin), we wish to be ready, cost-wise, to make it possible for we’ve each likelihood to be a profitable enterprise which begins by being a leaner enterprise staffing-wise.
“Which means that we, sadly, needed to let go of a major variety of the CoinFLEX staff throughout all departments and geographies. The workers cuts and non-staff prices that we’ve made will cut back our value base by roughly 50-60%.
“Nearly all of the staff that stay are targeted on product and know-how, which stays the core of our enterprise. We are going to monitor prices to make sure we function as effectively as attainable and scale as volumes come again.
“The intention is to stay right-sized for any entity contemplating a possible acquisition of or partnership alternative with CoinFLEX.”
supply: CoinFLEX
Robinhood introduced it’s lowering its workers by 23% (round 780 staff). Earlier this 12 months Robinhood laid off 340 staff, which was 9% of its workforce. Staff in operations, advertising and marketing and programme administration positions shall be largely affected by the cuts, the anti-money laundering division will stay intact.
Robinhood CEO and Co-Founder, Vlad Tenev wrote the next in a weblog publish:
“Let me clarify how we arrived at this resolution. Earlier this 12 months, I introduced that we’d be letting go of 9% of our workforce and specializing in larger value self-discipline all through the group.
“This didn’t go far sufficient. Since that point, we’ve seen extra deterioration of the macro setting, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional diminished buyer buying and selling exercise and belongings below custody.”
Robinhood’s income dropped to $318 million in comparison with $565 million(-44%) in the identical quarter in 2021.
FTX Acqusition?
There are speculations that FTX is because of purchase Robinhood. Though Bankman-Fried (which is holding a 7.6% stake in Robinhood) has denied FTX is intending to amass Robinhood, workers discount typically takes place throughout acquisitions or partnerhsips.
CoinFLEX, for instance, not too long ago diminished its workers however made it clear that the choice was primarily based on potential acquisition or partnership:
“After we have an effect on the plans across the CoinFLEX Composite distributions (inclusive of rvUSD, fairness and FLEX Coin), we wish to be ready, cost-wise, to make it possible for we’ve each likelihood to be a profitable enterprise which begins by being a leaner enterprise staffing-wise.
“Which means that we, sadly, needed to let go of a major variety of the CoinFLEX staff throughout all departments and geographies. The workers cuts and non-staff prices that we’ve made will cut back our value base by roughly 50-60%.
“Nearly all of the staff that stay are targeted on product and know-how, which stays the core of our enterprise. We are going to monitor prices to make sure we function as effectively as attainable and scale as volumes come again.
“The intention is to stay right-sized for any entity contemplating a possible acquisition of or partnership alternative with CoinFLEX.”
supply: CoinFLEX
