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'This is on me' — Robinhood CEO to lay off 23% of staff after Q2 loss
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Online brokerage Robinhood will lay off nearly a quarter of its employees, citing a continued deterioration of the macro environment and a broad crypto market crash.
The bad news came in a blog post on August 2 from cofounder and CEO Vlad Tenev, on the same day it released tepid Q2 financial results, while the New York Department of Financial Services announced a $30 million fine for the company’s crypto branch due to alleged anti-money laundering, cybersecurity, and consumer protection violations.Tenev wrote that the layoffs would impact all functions in the company, particularly operations, marketing, and program management, with around 23% of the staff let go.
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