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Robinhood lays off 23% of staff

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Re: Robinhood lays off 23% of staff

#381

Post by zip1234 »

xyst wrote: post #127
fleddr wrote: post #85

We live in such morally bankrupt times. You can just say "you take responsibility" without actually taking responsibility at all. Our expectations have become so low and we've become so complacent that just the statement is enough. In similar vain, "we care about your mental health" as is the common internal email from HR. No actual care is offered though. Giving staff a day off is a tangible example of doing at leas…

This is where we balance it out with unions. Unions have historically gotten us everything today that most people think is just SOP. Limited work weeks (40 hrs). Monday thru Friday as business days. Paid vacations. Family and medical leave. Breaks. Paid holidays. Sick leave. It’s a shame there’s been a massive push from corporations pushing anti-union propaganda. We have been complacent. We need unions to make our vo…

How would a union make Robinhood a more successful company that can afford to pay all of those employees? For that matter, how would it make a government organization better?

Re: Robinhood lays off 23% of staff

#382

Post by HWR_14 »

redredrobot wrote: post #23
88840-8855 wrote: post #5

What 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"

Are you complaining that when they cut their pay from 400k to 32k that wasn’t enough? Or are you complaining that they didn’t cut their 32k salaries down further?

I mean, if you think "salaries" doesn't include 800MM in bonuses (the number that's been thrown around), then you're speaking differently than others in the thread.

Re: Robinhood lays off 23% of staff

#383

Post by procavia »

blargey wrote: post #348
actually_a_dog wrote: post #316

Earlier quoted context omitted.

"Only $10M." Right. In a country where the median full time, year round worker makes $56k per year. https://en.wikipedia.org/wiki/Personal_income_in_the_United_...

In more hackernewsian terms, $10 million sitting in an investment account will outearn most software developers. Their salary has a higher salary than you.

> Their salary has a higher salary than you.

I’m stealing this line

Re: Robinhood lays off 23% of staff

#385

Post by 100001_100011 »

peanutz454 wrote: post #338
alex_young wrote: post #261

Earlier quoted context omitted.

Completely valid point. The same document points out that the CEO and CCO (both co-founders) each realized more than $168M in compensation in 2021. That's the number to talk about I think.

Wow! $168M/(3800 employee / 100*23 layoff) = $192,219 per layed off employee Not that I am suggesting he should pay the layed off employees from his personal kitty. Just trying to understand the numbers. Edit: OP said CEO and COO each. So $192K x 2 ~= $384,000.

Maybe Robinhood wants to use this money to buy the dip.

Re: Robinhood lays off 23% of staff

#386

Post by bsuvc »

chii wrote: post #379
bsuvc wrote: post #368

Earlier quoted context omitted.

I'm trying to understand your point of view. Are you saying executive compensation should be orthogonal to company performance? Overpaid executives failed, so workers lost their jobs, but the executives get to keep theirs all the while saying things like "I take responsibility for this" when it is objectively false that they are taking responsibility. Does that seem right to you? Is that a good way to run a business,…

> Overpaid executives failed Their failure has already dropped a huge amount of their stock-based compensation. Their base salary shouldn't be determined by the company's failure (only their _future_ salary). What if you applied this to a worker instead of a CxO? Would you yourself take a pay-cut, after the fact, if the company fails to perform?

> What if you applied this to a worker instead of a CxO? Would you yourself take a pay-cut, after the fact, if the company fails to perform?

Yes. Yes I would take the CEO's total compensation package.

I am skeptical that the CEO is worse off than any employee.

Re: Robinhood lays off 23% of staff

#387

Post by sumedh »

bumby wrote: post #313
pc86 wrote: post #284

Earlier quoted context omitted.

> $10m a year is still a lot of money In absolute terms, 100% yes it is. In "CEO of a major corporation most people in the world have heard about," it's basically nothing.

Not scientific and maybe inaccurate, but a quick Google search showed the average Intel employee makes $100k. The shift in social norms where 100x the average employee (of a tech firm, which skews towards high salaries) is considered “basically nothing” is something worth talking about.

> is considered “basically nothing” is something worth talking about.

Except if the CEO screws up the company goes bankrupt and people lose their jobs. Look at Nokia and RIM.

Re: Robinhood lays off 23% of staff

#389

Post by zip1234 »

ab_testing wrote: post #47

Somehow I feel that all these VC backed firms just add employees for the sake of adding employees. I use Tastyworks - another free online brokerage that it almost at feature parity with Robinhood. They have stocks, options, futures and even some selective crypto. They also make money using PFOF just like Robinhood. However on Linkedin, their employee count is less than 100 (99 to be precise) On the other hand, Robinh…

A startup is designed to grow as fast as possible until they saturate their market.

Re: Robinhood lays off 23% of staff

#390

Post by dougSF70 »

mpclark wrote: post #223
SergeAx wrote: post #187

Earlier quoted context omitted.

What do you mean "how is your life different"? His yacht may not have a second helicopter pad, for example!

Thing is, though, you really do need that second helicopter pad. That way, when yours is parked up there, you can still receive visitors. It’s not easy being rich.

100% this
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