By Artist Shaan

Robinhood will reduce its employees by 23%.

Flames

App for trading stocks On Tuesday, Robinhood announced that 23% of its workers will be dismissed

Employees who work in operations, marketing, and programme management would be most impacted by the layoffs.

Around 3,900 people were working with Robinhood at the time.

Tenev explained the rationale behind the layoffs in the message to staff, stating that the prior ones "did not go far enough" to reduce expenses amid record inflation.

 and the meltdown of the cryptocurrency market, which has decreased trading activity on the platform.

In a really difficult macro context where we will be saying goodbye to many highly great individuals today, I want to ease the transition as much as I can.

Since the third quarter of 2021, the number of monthly active users has continuously decreased, from 18.9 million to 17.3 million to 15.9 million by March 2022.