Bay Area-based Robinhood is laying off nearly a quarter of its staff
Robinhood, the controversial and nascent equities and cryptocurrency technology company headquartered in the Bay Area, announced mass layoffs the same day it was hit with a $30 million fine. by New York State.
Twenty-three percent of Robinhood’s workforce, or about 800 of its roughly 3,400 employees, will be laid off, Robinhood co-founder and CEO Vlad Tenev said in a blog post on Tuesday. The staff cuts will primarily affect Robinhood’s operations, marketing and program management divisions.