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Following a slow-down of growth, popular trading platform Robinhood (HOOD) is letting go roughly 9% of its full-time workforce.
CEO and co-founder Vlad Tenev shared the disappointing news in a company blog post on Tuesday.
Tenev explained that in 2020 and 2021 his company experienced “hyper growth” as a result of the coronavirus pandemic lockdowns, low interest rates and government stimulus packages. During that time, the CEO, noted, his workforce went up from 700 people to almost 3,800.
Fast forward to 2022, the rapid growth led to duplicate roles and functions, Tenev elaborated, adding:
“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.”
Nevertheless, Robinhood will continue to develop new products ad features across its brokerage, crypto and spending saving divisions.
At the start of this year, the commission-free Nasdaq-traded online trading platform, had shared its goals for 2022, believing “in the immense potential of the crypto economy and seeing a big opportunity in serving customers across the globe.”