Robinhood, a major player in the retail investing market, will be laying off 23% of staff, citing inflation and the floundering crypto market as driving factors of the decision.
Robinhood had previously laid off 9% of its staff in April, according to The Wall Street Journal. Tenev hoped that the initial layoffs and a focus on “greater cost discipline throughout the organization” would be sufficient, but in reality they “did not go far enough,” according to a Tuesday press release.
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