Robinhood Announces, Massive Layoffs , Along With Second-Quarter Earnings .<br />On November 8, Robinhood CEO Vlad Tenev announced <br />via press release that the fintech company would <br />be laying off approximately 23% of its workforce.<br />On November 8, Robinhood CEO Vlad Tenev announced <br />via press release that the fintech company would <br />be laying off approximately 23% of its workforce.<br />NBC reports that the layoffs will mostly <br />be focused on operations, marketing <br />and program management.<br />According to Tenev, the reduction comes as a result of , “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”.<br />According to Tenev, the reduction comes as a result of , “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”.<br />In April, Robinhood laid off 9% of its employees.<br />I want to acknowledge <br />how unsettling these <br />types of changes are, Vlad Tenev, Robinhood CEO, via NBC.<br />According to the press release, Robinhood will <br />flatten its organizational structure, giving new <br />general managers more responsibility for business.<br />According to the press release, Robinhood will <br />flatten its organizational structure, giving new <br />general managers more responsibility for business.<br />Directly following a November 8 all-hands meeting,<br />Tenev said that impacted employees would be informed <br />if they still have a job via an email and a Slack message.<br />Directly following a November 8 all-hands meeting,<br />Tenev said that impacted employees would be informed <br />if they still have a job via an email and a Slack message.<br />The announcement of the layoffs came with the company's <br />earnings report for the second quarter, which saw declines <br />in revenue, stock value and monthly active users.<br />The announcement of the layoffs came with the company's <br />earnings report for the second quarter, which saw declines <br />in revenue, stock value and monthly active users.<br />NBC reports that shares of Robinhood <br />are currently down 48% compared <br />to the same time in 2021.<br />In July of 2021, the company went public <br />at $38 per share, jumped as high as $85 per <br />share and is now down to just $9.23 a share
