Robinhood is cutting about 23% of its jobs

Vlad Tenev, CEO and co-founder of Robinhood Markets, Inc. attends his company’s IPO at the Nasdaq Market location in Times Square on July 29, 2021 in New York City, USA.

Brendan McDermid | Reuters

Vlad Tenev, CEO of Robinhood, said in a press release on Tuesday that the company would reduce its headcount by about 23%.

The layoffs are primarily in operations, marketing and program management. In the press release, Tenev blamed “a deteriorating macro environment with inflation at 40-year highs accompanied by a broad crypto market crash.”

Robinhood previously laid off 9% of its workforce in April.

“I want to acknowledge how troubling these kinds of changes are,” Tenev said.

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