In brief
- Robinhood is letting go of 10% of its employees, CEO and co-founder Vlad Tenev told the company Tuesday.
- In April, the company indicated revenue from crypto transactions had fallen 34% sequentially to $134 million from $221 million.
- At the end of last year, the retail brokerage had around 2,900 full-time employees.
Robinhood disclosed on Tuesday that it’s letting go of 10% of its employees, attempting to streamline operations amid a severe downturn in crypto-related revenue.
The company is reducing its headcount alongside efforts to flatten its organizational structure and support “a lean, hyper-focused team,” CEO Vlad Tenev told employees, according to an internal message shared by the retail brokerage on X before the…
