Robinhood lays off 23% of staff
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Re: Robinhood lays off 23% of staff
#2No post body was provided.
Re: Robinhood lays off 23% of staff
#3".. ambitious staffing trajectory".
Read: We were spending money on new hires like a drunken socialist sailor to show "growth" to keep the bubble going and sucking in even more VC money. My bad.
Tired - burn rate, wired - hiring rate.
Re: Robinhood lays off 23% of staff
#4Un-paywalled: https://archive.ph/wsimy
Re: Robinhood lays off 23% of staff
#5What they write:
"As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me. "
What he totally forgot to mention:
"I also take a pay cut to reduce the opex burden on the company and to retain as many FTE as possible"
Re: Robinhood lays off 23% of staff
#6“While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.”
Re: Robinhood lays off 23% of staff
#7"Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the COVID era would persist into 2022..."
We are now at the point when we will find out which of the changes to behavior (financial and otherwise) that came about with the onset of the covid-19 pandemic are going to be lasting, and which are not. I do not claim to be able to predict which ones (if any) will last, but I can confidently say that Robinhood is not the only one to have been surprised by changes which they thought would "stick", going back to pre-covid norms.
Re: Robinhood lays off 23% of staff
#8"Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the COVID era would persist into 2022..." We are now at the point when we will find out which of the changes to behavior (financial and otherwise) that came about with the onset of the covid-19 pandemic are going to be lasting, and which are not. I…
It should have been obvious to anyone that people would do less day trading once they had anything better to do.
Re: Robinhood lays off 23% of staff
#9What they write: "As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me. " What he totally forgot to mention: "I also take a pay cut to reduce the opex burden on the company and to retain as many FTE as possible"
swinging the ax I take full responsibility for this
Re: Robinhood lays off 23% of staff
#10What they write: "As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me. " What he totally forgot to mention: "I also take a pay cut to reduce the opex burden on the company and to retain as many FTE as possible"
"Some of you may die, but it's a sacrifice I am willing to make"