Robinhood cuts about 10% of staff as CEO Vlad Tenev says business “has never been stronger” despite weak Q1 trading.
Stock and crypto trading platform Robinhood is cutting 10% of its workforce as it restructures its organization, a move the company said will improve efficiency.
CEO Vlad Tenev told staff the company is reducing 10% of its full-time employees as part of “flattening” its org structure, according to a statement on X by Robinhood on Tuesday.
In an internal memo, Tenev said the company cannot “default to operating as a heavily-layered organization” if it wants to scale its mission, adding that Robinhood must “continuously raise” its performance bar.
