“We concluded that making these employee cutbacks is the appropriate move to increase productivity,” said Vlad Tenev, CEO and co-founder of Robinhood.
Robinhood, a popular retail trading platform; let off 9% of its workers amid a stock fire sale that has sent HOOD to all-time lows. HOOD has dropped about 38% in the last 30 days, to $9.99 at the time of writing; the lowest price since the company’s initial public offering (IPO) in mid-2021.
The drop is part of a longer-term negative trend in which the price of HOOD has been steadily declining from its all-time high of about $70.39 on August 4, 2021. Vlad Tenev, CEO and co-founder of Robinhood, revealed the reorganization in a blog post on Tuesday. He observed that the firm’s employment had roughly sixfold expanded between 2020 and H1 2021, from 700 to approximately 3800 personnel, during a “period of hyper-growth.”
HOOD Blames Firm’s Employment
Tenev, on the other hand, believes that too many employment functions at the corporation have subsequently become obsolete. He observed that the firm’s employment had roughly sixfold expanded between 2020 and H1 2021, from 700 to approximately 3800 personnel, during a “period of hyper-growth.”
Tenev, on the other hand, believes that too many employment functions at the corporation have subsequently become obsolete, claiming that:
“We will continue to hire excellent people in important areas and give our staff extra learning and career progression opportunities,” he added. Robinhood noted in the release that it is well-positioned for the future, with more than $6 billion in cash on hand. In 2022, it will continue to offer “important new products across Brokerage. Crypto, and Spending/Saving.”
Last year, Robinhood’s overall revenue was $1.82 billion, up 89 percent from 2020, and money produced from crypto services contributed significantly to the company’s success.
