The announcement followed closely on the heels of cuts in April, when Robinhood laid off 340 workers, or about 9% of its employees at the time. CEO Vlad Tenev cited further worsening of the economy, including inflation and the crash of the crypto market, which has "reduced customer trading activity and assets under custody"
Robinhood, the trading app that popularized one-click trading and helped fuel last year’s meme stock frenzy, said Tuesday that it was laying off about 23% of its workforce.
Vlad Tenev, the chief executive of Robinhood, said in a blog post that the layoffs would affect employees across the company, especially those in operations, marketing and program management roles.
Robinhood declined to comment on the layoffs.
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