Robinhood CEO Vlad Tenev Takes Blame As Company Cuts 23% Of Its Staff

Robinhood Markets Inc has announced that it is slashing 23% of its staff in a reorganization move.

Robinhood Will Be Cutting 23% Of Their Staff Says CEO Vlad Tenev

Commission-free investment platform Robinhood Markets Inc. has announced the release of 23% of its staff as part of its efforts to reorganize, citing economic uncertainty and the deteriorating market environment.

Robinhood Lays Off 23% of Its Staff

In a Tuesday blog post, Robinhood announced that it would be laying off 23% of its staff, at roughly 780 employees. The job cut follows a 44% decline in overall revenue for the company, slumping trade activity, and a Q2 net loss of $295 million.


The job cut represents one aspect of Robinhood’s reorganization efforts, which also resulted in the closure of two of its office branches. 

The layoffs are the second such instance in three months, after Robinhood initially cut 9% of its full-time staff, releasing 300 workers in April.

Vlad Tenev Takes Responsibility 

In the company’s official blog post, CEO and Co-Founder of Robinhood Vlad Tenev took responsibility for the reductions, explaining that the company had over-hired in the frenzy that ensued in 2021. 

Tenev accepted the blame, stating: “as CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me.”


According to the Robinhood CEO, “employees from all functions” will be impacted. He added that the layoffs were “particularly concentrated” in the company’s operations, marketing and program management departments.

On the Flipside

  • The New York State Department of Financial Services has slapped Robinhood with a $30 million fine for the violation of anti-money-laundering and cybersecurity regulations.

Why You Should Care

Impacted by the crypto slump over the last eight months, Robinhood is looking to reorganize its structure to drive greater cost discipline and cope with the crypto winter.

Users are leaving Robinhood. Find out more in:

The Charm Fades: Users Leave Robinhood

Read more about the Robinhood fines below:

Robinhood Crypto Unit Fined in New York for Violating Money Laundering Rules

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia