Vlad Tenev, CEO and co-founder of Robinhood Markets, Inc. , the IPO of his company at the Nasdaq market location in Times Square in New York City, US, July 29, 2021.
Brendan McDermid | Reuters
Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will cut its staff by about 23%.
The layoffs will be primarily in operations, marketing and program management. In the statement, Tenev blamed “a deteriorating macro environment, with inflation rising to its highest levels in 40 years and a broad crash in the cryptocurrency market.”
Robinhood previously laid off 9% of its workforce in April.
“I want to acknowledge how unstable these kinds of changes are,” Tenev said.
Tenev said in the statement that the company will work to reconcile its organizational structure to give the new general managers broad responsibility for its business. He also said affected employees will receive an email and message on Slack letting them know if they will be laid off or still have a job, immediately after a mass meeting to discuss the move on Thursday.
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