Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Robinhood lays off 23% of staff

wsj.com

Post reply on HN
Print view View original

11–20 of 717 posts

Re: Robinhood lays off 23% of staff

#11

Post by bushbaba »

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…

There prior earnings had substantial revenue from crypto. That’s mostly dried up. Then you’ve got the GME reputation hit.

Meanwhile fidelity who avoided crypto and has a great reputation saw & continues to see growth

Re: Robinhood lays off 23% of staff

#12

Post by function_seven »

civilized wrote: post #9
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"

swinging the ax I take full responsibility for this

This axe is heavy, and the destruction wrought by it saddens me. I need to be compensated for this.

Re: Robinhood lays off 23% of staff

#13

Post by ghaff »

civilized wrote: post #8
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…

It should have been obvious to anyone that people would do less day trading once they had anything better to do.

And once even throwing darts to pick stocks stopped producing big gains.

The same thing basically happened in the run-up to dot-bomb. It was really easy to make book with day-trading in 1999 or so. See also crypto.

Re: Robinhood lays off 23% of staff

#14

Post by spaceman_2020 »

civilized wrote: post #8
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…

It should have been obvious to anyone that people would do less day trading once they had anything better to do.

Or when making money became harder.

Amazing the number of people I personally know who took 1 year of day trading to be the “norm” and made big life decisions based on their results. From quitting good jobs to buying houses they can’t afford, all because they made big money in 2021 and thought they could keep repeating it every year.

Re: Robinhood lays off 23% of staff

#15

Post by onlyfortoday2 »

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…

No post body was provided.

Re: Robinhood lays off 23% of staff

#16

Post by timack »

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"

"Some of you may die, but it's a sacrifice I am willing to make," - Lord Farquaad

Re: Robinhood lays off 23% of staff

#18

Post by ChuckNorris89 »

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"

Silicon Valley (the satire TV show) already covered this exact scenario. Mike Judge is a brilliant writer.

https://youtu.be/u48vYSLvKNQ?t=17

Re: Robinhood lays off 23% of staff

#19

Post by aaaaaaaaata »

bushbaba wrote: post #11
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…

There prior earnings had substantial revenue from crypto. That’s mostly dried up. Then you’ve got the GME reputation hit. Meanwhile fidelity who avoided crypto and has a great reputation saw & continues to see growth

They didn't avoid cryptocurrency..they've been mining. BTC offerings in friendly nations (Canada).

Re: Robinhood lays off 23% of staff

#20

Post by renewiltord »

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"

His salary is like $300k and the stock options he was granted as the pandemic growth hit break even at some $300/share (it's $9/share right now).
Post reply on HN