Share this article
Robinhood Cuts 9% of Workforce as ‘Hyper Growth’ Slows
CEO Vlad Tenev said the platform’s rapid growth in 2020 and 2021 led to duplication of roles and functions.
By Nelson Wang
Updated May 11, 2023, 5:37 p.m. Published Apr 26, 2022, 8:44 p.m.
Popular no-commission trading platform Robinhood (HOOD) is cutting roughly 9% of its full-time workforce, CEO and co-founder Vlad Tenev announced in a blog post Tuesday afternoon.
- Tenev wrote that throughout 2020 and the first half of 2021, the company went through a period of “hyper growth” fueled by coronavirus pandemic lockdowns, low interest rates and government fiscal stimulus. Over that time period, staffing rose by almost six times from 700 to almost 3,800.
- That rapid growth led to duplicate roles and functions, Tenev wrote, leading to the decision to cut jobs. “After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.”
- He noted that Robinhood will continue to introduce key products across its brokerage, crypto and spending saving divisions.
- Robinhood’s crypto trading business has increased rapidly, and the company recently activated its crypto wallet for 2 million “eligible” customers.
- Shares of Robinhood were trading down 5.5% to $9.50 in after-hours trading on Tuesday.
Read more: Robinhood Agrees to Acquire UK Crypto Platform Ziglu
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Plus pour vous
Ce qu'il:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Plus pour vous
Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
The platform will let retail traders use one margin account to trade round-the-clock perpetual markets.
Ce qu'il:
- Cascade has introduced a 24/7 brokerage-style app for perpetual markets spanning crypto, U.S. equities and private-asset exposure.
- The firm is pitching a single, unified margin account with direct-to-bank U.S. dollar capability for deposits and withdrawals.
- The company has raised $15 million from investors including Polychain Capital, Variant and Coinbase Ventures.
Top Stories
