Company Lays Off How Many Employees?
Yikes!
Retail trading platform giant Robinhood Markets Inc. has just been forced into laying off a whopping 9% of their full time employees.
According to Fox, Robinhood had a period of hyper-growth due to a sudden interest by retail traders in the stock market and because of certain meme stocks such as Gamestop and AMC theaters.
However, now that things have finally began to die down and once again normalize the company is being forced into laying off around 9% of their full time employees. This news resulted in Robinhood’s stock prices to decline by 5%.
Robinhood CEO Vlad Tenev explained, “This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal. After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.”
A lot of young investors quickly jumped into Robinhood because of their very low to free fees and ease of access. Along with traditional stock trading, investors can also trade cryptocurrency on the Robinhood platform which investors enjoy.
