Amid the plummeting price of HOOD, Robinhood CEO and co-founder Vlad Tenev cited “duplicate roles and job functions, and ... layers and complexity” as the main reason for laying off staff.
Vlad Tenev. He noted that after going through a “period of hyper-growth” between 2020 and H1 2021, the firm’s headcount had increased nearly six times, from 700 to nearly 3800 employees.
“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.” Moving forward, Robinhood stated in the announcement that it is positioned well for the future with more than $6 billion worth of cash on its balance sheet, while also noting that it will continue to introduce “key new products across Brokerage, Crypto, and Spending/Saving” in 2022.$1.82 billion, up 89% compared to 2020, and a significant part of Robinhood’s performance was due to revenue generated from crypto services.
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