Robinhood, which had already slashed 9% of its workforce in April, blaming some duplicate roles and job functions on the company's growth, said it was laying off about an additional 23% of its employees last month. The trading platform played a central role in the retail-trading frenzy during the pandemic but it has posted declines in revenue in recent months as its customer base has been spooked by rising interest rates and decades-high inflation.
Robinhood Markets Inc. said late Friday it will take higher-than-expected restructuring charges as it exits leases on office space that it is not using. In a Securities and Exchange Commission filing Friday, the online broker said it expects to take charges of $90 million to $105 million in the third quarter, up from a previous estimate between $45 million to $60 million, in restructuring charges as a result. In August, the company said it was
Cryptocurrency News: Elon Musk's texts reveal plans for Twitter, blockchain, cryptocurrencies. Celsius creditors seek $490 Mil of collateral.