Robinhood axes almost 1 in 10 staff members as stock hits all-time low
“We determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency,” noted Robinhood CEO and co-founder Vlad Tenev. Popular retail trading platform Robinhood has fired 9% of its workforce amid a firesale of its stock that has seen HOOD plunge to all-time lows. In the past 30 days alone, HOOD has tanked roughly 38% to sit at $9.99 at the time of writing, marking the lowest price since the initial public offering (IPO) launch in mid-2021. The decline is part of a longer-term bearish trend that has seen the price of HOOD continually decrease since its....
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Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off more staff. According to reports, the company is axing 7% of its current workforce, as it engages in significant cost-cutting policies. This is the second wave of layoffs at Gemini, after the company laid off 10% of its staff less than two months ago.
Gemini Lays Off More Staff
Gemini, a regulated, U.S.-based cryptocurrency exchange founded by the Winklevoss twins, is reducing the size of its workforce, according to sources. While the exchange did not make an internal announcement for this round of....
Robinhood, the app that popularized free one-click stock and crypto trading, revealed on Tuesday that it would lay off roughly 340 full-time employees, or around 9% of the 3,800 workforce. The move, according to Robinhood CEO Vlad Tenev, is in response to a decline in active users following a period of rapid growth early in […]
Robinhood announced Tuesday that it has agreed to acquire Ziglu, a fintech startup based in London that enables users to trade bitcoin and a variety of other cryptocurrencies. Robinhood’s stock increased nearly 6% Tuesday following the announcement of the Ziglu acquisition. Since its July initial public offering, the stock has fallen 71%. The acquisition will […]
As crypto trading cools down, the ability to trade stock on FTX US might be only months away, according to a tweet from the exchange’s president. Bitstamp USA has also signaled it's looking at stocks. Crypto exchanges FTX US and Bitstamp USA are working on offering stock trading, which would be a further blow to Robinhood as its share price slumps to new lows. FTX US President Brett Harrison tweeted on Tuesday that the crypto exchange is “hard at work on stocks,” commenting that a launch would be coming in “a couple months.” We’re hard at work on stocks! Features we’re planning for day 1:....
Robinhood's CEO said the platform's decision to halt buy orders on GME, NOK and AMC was based on a "technical and operational" one, not outside pressure.