Robinhood introduced it’s decreasing its employees by 23% (round 780 staff). Earlier this yr Robinhood laid off 340 staff, which was 9% of its workforce. Staff in operations, advertising 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 put up:
“Let me clarify how we arrived at this resolution. Earlier this yr, I introduced that we’d be letting go of 9% of our workforce and specializing in larger price self-discipline all through the group.
“This didn’t go far sufficient. Since that point, we’ve got seen extra deterioration of the macro surroundings, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional decreased buyer buying and selling exercise and property beneath 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 accumulate Robinhood, employees discount usually takes place throughout acquisitions or partnerhsips.
CoinFLEX, for instance, just lately decreased its employees however made it clear that the choice was based mostly 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 need to be able, cost-wise, to guarantee that we’ve got each probability to be a profitable enterprise which begins by being a leaner enterprise staffing-wise.
“Because of this we, sadly, needed to let go of a big variety of the CoinFLEX staff throughout all departments and geographies. The employees cuts and non-staff prices that we’ve got made will scale back our price base by roughly 50-60%.
“The vast majority of the staff that stay are centered on product and expertise, which stays the core of our enterprise. We are going to monitor prices to make sure we function as effectively as potential 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 decreasing its employees by 23% (round 780 staff). Earlier this yr Robinhood laid off 340 staff, which was 9% of its workforce. Staff in operations, advertising 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 put up:
“Let me clarify how we arrived at this resolution. Earlier this yr, I introduced that we’d be letting go of 9% of our workforce and specializing in larger price self-discipline all through the group.
“This didn’t go far sufficient. Since that point, we’ve got seen extra deterioration of the macro surroundings, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional decreased buyer buying and selling exercise and property beneath 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 accumulate Robinhood, employees discount usually takes place throughout acquisitions or partnerhsips.
CoinFLEX, for instance, just lately decreased its employees however made it clear that the choice was based mostly 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 need to be able, cost-wise, to guarantee that we’ve got each probability to be a profitable enterprise which begins by being a leaner enterprise staffing-wise.
“Because of this we, sadly, needed to let go of a big variety of the CoinFLEX staff throughout all departments and geographies. The employees cuts and non-staff prices that we’ve got made will scale back our price base by roughly 50-60%.
“The vast majority of the staff that stay are centered on product and expertise, which stays the core of our enterprise. We are going to monitor prices to make sure we function as effectively as potential 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
