---
title: "Robinhood Laying Off Almost a Quarter of Its Workforce"
description: "After laying off 9 percent of its staff back in April, Robinhood leaders announced yesterday that they'll be cutting an extra 23 percent of the workforce."
date: "2022-08-03"
modified: "2022-08-03"
authors:
  - name: "Maggie Harrison Dupré"
    job_title: "Senior Staff Writer"
    link: "https://futurism.com/authors/mharrison"
url: "https://futurism.com/the-byte/robinhood-laying-off-quarter-of-its-workforce"
categories:
  - "Finance"
  - "Future Society"
  - "Investing"
tags:
  - "investing"
  - "robinhood"
  - "silicon valley"
  - "the digest"
---

# Robinhood Laying Off Almost a Quarter of Its Workforce

![After laying off 9 percent of its staff back in April, Robinhood leaders announced yesterday that they'll be cutting an extra 23 percent of the workforce.](<https://futurism.com/wp-content/uploads/2022/08/robinhood-laying-off-quarter-of-its-workforce.jpg>)
*\<em\>Image: Futurism\</em\>*

## Robinhoodies

Scandal-ridden investing platform Robinhood is continuing its [dismal fall from grace](<https://futurism.com/the-byte/scandal-robinhood-worst-ipo-history>).

After [laying off nine percent of its staff](<https://www.cnn.com/2022/04/26/investing/robinhood-stock-layoffs/index.html>) back in April, company leaders [announced yesterday](<https://www.cnn.com/2022/08/02/tech/robinhood-layoffs-crypto-fine/index.html>) that they'll be cutting an extra 23 percent of the workforce — a shocking new development in the "[crypto winter](<https://futurism.com/financial-analysts-crypto-winter>)" saga.

As [*CNN Business* reports](<https://www.cnn.com/2022/08/02/tech/robinhood-layoffs-crypto-fine/index.html>), the brutal announcement comes on the heels of a tumultuous week for the organization.

On Tuesday, Robinhood execs [reported a 44 percent revenue decrease](<https://www.sec.gov/Archives/edgar/data/1783879/000178387922000162/robinhoodexhibit991_63022.htm>) from Q2 last year — on the same day that the investing app's crypto arm was [slapped with a $30 million](<https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202208021>) fine by the New York State Department of Financial Services for not being able to adequately address risks facing its users.

## Reorganization

In a note [posted on the company's blog](<https://blog.robinhood.com/news/2022/8/2/a-message-from-our-ceo-and-co-founder-vlad-tenev>), Robinhood CEO Vlad Tenev explained to his "Robinhoodies" that the decision was due in part to a top-to-bottom company reorganization effort as well as broader economic conditions.

"Since \[the April layoffs\], we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash," Tenev wrote. "This has further reduced customer trading activity and assets under custody."

## Nothing New

Robinhood has managed to ring up one hell of a track record in its relatively short existence. In 2021 alone, the platform [delivered one of the most disappointing IPOs](<https://futurism.com/the-byte/scandal-robinhood-worst-ipo-history>) in history, and even faced a [separate government fine of $70 million](<https://futurism.com/the-byte/robinhood-70-million-fine>) due to "systemic supervisory failures" causing "significant harm suffered by millions of customers."

While the beleaguered tech company has managed to barely [scrape by](<https://futurism.com/the-byte/google-deletes-negative-robinhood-reviews>) despite the numerous scandals, the future looks particularly uncertain this time around. In addition to colossal revenue losses, the company [admitted to having lost 34 percent of its user base](<https://markets.businessinsider.com/news/stocks/job-cuts-resignation-robinhood-retail-investing-stocks-cryptocurrencies-vlad-tenev-2022-8>) since last year's Q2 as well.

But Robinhood isn't giving up just yet, with Tenev arguing in his blog post that "we have adapted to challenges and forced the financial industry to adapt to us."

"We've overcome many obstacles and have emerged from each a stronger and more resilient company," he argued. "This will be no different."

**READ MORE:** [*Robinhood to cut 23% of its workforce, revenue sinks 44%*](<https://www.cnn.com/2022/08/02/tech/robinhood-layoffs-crypto-fine/index.html>) \[*CNN Business*\]

**More on Robinhoodies:** [*Robinhood Paying $70 Million Fine for Being Absolutely Terrible*](<https://futurism.com/the-byte/robinhood-70-million-fine>)

## Author
At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride."

### Author social links  
[Bluesky](<https://bsky.app/profile/mharrisondupre.bsky.social>)