This week, Robinhood revealed plans to reduce its workforce by almost a quarter, citing market instability and economic uncertainty.
For Robinhood, which slashed its employment by around 9% in April, this is the second round of layoffs this year.
The layoffs represent another U-turn for a business that developed a stock trading app that shot to fame during COVID-19 lock downs.
Interest rates were low at the time, tech firms were growing, and Americans had extra money thanks to governmental stimulus payments.
But this year, Robinhood’s profits have suffered because to a severe market collapse.
In a blog post published this week, CEO Vlad Tenev recognized that the initial employee cuts from a few months ago did not go far enough.
