Share this article
BTC
$84,578.29
+
0.03%ETH
$1,589.48
+
0.38%USDT
$0.9996
-
0.01%XRP
$2.0826
+
0.33%BNB
$593.17
+
0.54%SOL
$133.48
-
0.12%USDC
$0.9997
-
0.01%DOGE
$0.1569
+
0.90%TRX
$0.2431
-
2.14%ADA
$0.6176
-
0.37%LEO
$9.0552
+
0.15%LINK
$12.57
+
0.83%AVAX
$19.00
-
0.70%TON
$3.0121
+
0.97%XLM
$0.2434
+
1.85%SHIB
$0.0₄1216
+
3.06%HBAR
$0.1649
+
2.25%SUI
$2.1222
+
0.74%BCH
$342.49
+
2.43%LTC
$75.79
+
0.86%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Robinhood Cuts 9% of Workforce as ‘Hyper Growth’ Slows
CEO Vlad Tenev said the platform’s rapid growth in 2020 and 2021 led to duplication of roles and functions.
Popular no-commission trading platform Robinhood (HOOD) is cutting roughly 9% of its full-time workforce, CEO and co-founder Vlad Tenev announced in a blog post Tuesday afternoon.
- Tenev wrote that throughout 2020 and the first half of 2021, the company went through a period of “hyper growth” fueled by coronavirus pandemic lockdowns, low interest rates and government fiscal stimulus. Over that time period, staffing rose by almost six times from 700 to almost 3,800.
- That rapid growth led to duplicate roles and functions, Tenev wrote, leading to the decision to cut jobs. “After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.”
- He noted that Robinhood will continue to introduce key products across its brokerage, crypto and spending saving divisions.
- Robinhood’s crypto trading business has increased rapidly, and the company recently activated its crypto wallet for 2 million “eligible” customers.
- Shares of Robinhood were trading down 5.5% to $9.50 in after-hours trading on Tuesday.
Read more: Robinhood Agrees to Acquire UK Crypto Platform Ziglu
STORY CONTINUES BELOW
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
