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Robinhood lays off 23% of staff

wsj.com

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Re: Robinhood lays off 23% of staff

#601

Post by notfromhere »

spookthesunset wrote: post #556
rossdavidh wrote: post #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…

Next up, the remote work craze. Everybody thinks they are super productive working from home but on a larger scale I imagine it took a huge hit. Plus it is dystopian as fuck. People need to be around people outside of their immediate family to stay sane and I promise you most of these new remote workers are basically never interacting with people outside their small bubbles. It’s gonna swing back. Calling it now. A t…

Not sure why commuting two hours a day into the office to sit at an open office desk is any less dystopian.

Not sure why it’s so hard for people to understand that there’s a solid chunk of the population that gained nothing from it.

Re: Robinhood lays off 23% of staff

#602

Post by hnarn »

At this point I think the best thing for Robinhood might be to just get bought up by a larger bank and converted into some kind of separate-but-integrated offering with an international focus, competing with companies like Revolut.

Re: Robinhood lays off 23% of staff

#603

Post by MandieD »

ok_dad wrote: post #474
birksherty wrote: post #472

Earlier quoted context omitted.

Many people need that money. It's absurd Americans judging at normal people spending money, but same people ok with companies making record profit during pandemic, the minimum wage limit etc. It's pathetic.

No kidding, a few well off tech bros use the stimulus to gamble and suddenly every family who actually needed that money was a waste? Was the government just supposed to lower taxes for corporations and the rich yet again?!

It would have been even better had the Paycheck Protection Program worked more like Kurzarbeit does in Germany - instead of just giving money to employers on the promise that they'd use it to protect jobs, insist that the employers use it to pay the wages that employees were going to be missing due to reduced hours, and have to prove that that's where the money went.

Kurzarbeit was one of the main reasons my employer survived the ill-timed purchase of another German industrial giant (deal done right before the 2008-9 financial crisis kicked off, payment due during said financial crisis) without having to lay people off, and left it in the position to get right back into the game once the world economy started improving. And, of course, spared thousands of working people a lot of misery.

Re: Robinhood lays off 23% of staff

#604

Post by qaq »

colinmhayes wrote: post #494
qaq wrote: post #241

Earlier quoted context omitted.

Wha the point of paying for order flow if you "execute at market price or better"? Are you suggesting Citadel is a charity?

This isn’t even that complicated. Come on, like think for 15 seconds. Why oh why would a trader pay to play against a degenerate retail gambler?

Expand why would you give retail gambler "better than market" execution?

Re: Robinhood lays off 23% of staff

#605

Post by qaq »

kortilla wrote: post #450
qaq wrote: post #241

Earlier quoted context omitted.

Wha the point of paying for order flow if you "execute at market price or better"? Are you suggesting Citadel is a charity?

Because they are paying for a supply of (on average) uneducated morons with no edge. Can you imagine how much a professional poker player would pay to be in a tournament with amateurs?

At market or better than market rate you have unlimited supply of trades without paying for order flow

Re: Robinhood lays off 23% of staff

#606

Post by endtime »

lmm wrote: post #551
buscoquadnary wrote: post #230

So several times I've had the opportunity to join fast growing startups that offered quite a bit more compensation, and equity as well. One of the things that I always took consideration of was the stability of the company vs where I was at. Many of these people made a bet that working for Robinhood would pay off, it didn't that is part of the risk that came with the SV salaries, and the stock. I get that it sucks, b…

Name one company where you could be confident there's no risk of being laid off. Big companies definitely go through downturns and cut significant chunks of their staff, and you're even less likely to be able to do anything about it there than at a small company.

This isn't based on any insider knowledge, but I will be very surprised if my current employer, Roblox, has layoffs in the next couple years.

Re: Robinhood lays off 23% of staff

#607

Post by qaq »

gruez wrote: post #278
qaq wrote: post #241

Earlier quoted context omitted.

Wha the point of paying for order flow if you "execute at market price or better"? Are you suggesting Citadel is a charity?

>Wha the point of paying for order flow if you "execute at market price or better"? https://www.bloomberg.com/opinion/articles/2021-02-05/robinh... tl;dr: adverse selection. retail traders are less risky to deal with, so market makers can offer better prices to them. >If the retail trades are random. If retail traders usually buy before the stock goes up, and sell before the stock goes down, the wholesaler would cons…

show me a liquid stock with .25 spread

Re: Robinhood lays off 23% of staff

#608

Post by sumedh »

cudgy wrote: post #565
sumedh wrote: post #387

Earlier quoted context omitted.

> 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.

Nokia and RIM got clocked by the iPhone. I don’t care who their CEO could have been, these companies were on the downward trend and headed for tough times.

> these companies were on the downward trend and headed for tough times.

Exactly why you need a good CEO at the top to understand that the landscape has changed with a new competitor but Nokia and RIM failed to adapt.

Re: Robinhood lays off 23% of staff

#609

Post by adrianN »

lmm wrote: post #551
buscoquadnary wrote: post #230

So several times I've had the opportunity to join fast growing startups that offered quite a bit more compensation, and equity as well. One of the things that I always took consideration of was the stability of the company vs where I was at. Many of these people made a bet that working for Robinhood would pay off, it didn't that is part of the risk that came with the SV salaries, and the stock. I get that it sucks, b…

Name one company where you could be confident there's no risk of being laid off. Big companies definitely go through downturns and cut significant chunks of their staff, and you're even less likely to be able to do anything about it there than at a small company.

Sufficiently big companies have a union and more financial buffer to weather downturns.

Re: Robinhood lays off 23% of staff

#610

Post by cjrp »

systemvoltage wrote: post #55
cjrp wrote: post #43

Earlier quoted context omitted.

Taking responsibility would mean returning a significant portion of that compensation.

Wait, shouldn't this be returned back to whom the money belonged (investors)?

At least back to the company; extend that runway and maybe prevent some layoffs.
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