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Robinhood lays off 23% of staff

wsj.com

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Re: Robinhood lays off 23% of staff

#261

Post by alex_young »

jonas21 wrote: post #168
paxys wrote: post #29

> As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me Reminder that Vlad Tenev received $800M in compensation in 2021. In the same year the company made terrible bets on crypto and banking, took an irreversible reputation hit among its core user base because of the GME fiasco, had multiple user data breaches, was subject to several investigations and was fined hundreds of mi…

Are you talking about the ~$800M in stock-based compensation described here [1]? Nearly all of that only vests if Robinhood stock hits price targets between $120 and $300 per share. The remainder requires a price of $50.75 to be sustained for 60 days. Since none of these goals have been met, Vlad has not received any of it. And unless the company turns around dramatically - it's currently around $9/share - it's likel…

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.

Re: Robinhood lays off 23% of staff

#262

Post by fleddr »

throwfh80h82 wrote: post #203
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…

The problem is moer that we can't do anything about it. It's not enough.

The power of the elite is an illusion as is well documented. It is based on mass and flawless compliance.

The current state of the world demonstrates how even relatively small disruptions create a tidal wave and break down systems. The point being that even a limited act of non-compliance brings things to their knees.

Which if of course a tool to not use lightly, I'm just saying it doesn't take that much if people would organize.

Re: Robinhood lays off 23% of staff

#263

Post by bombcar »

abirch wrote: post #192
PheonixPharts wrote: post #172

Earlier quoted context omitted.

It's even more bizarre/frustrating for someone, especially in tech where many of our TC is largely RSUs, not understand that wealth is almost never held in cash. When I was young (and poor) I also believed that being rich meant having Scrooge McDuck piles of cash to swim in. After my first big RSU payout I quickly realized that nobody with more than a few 100k in assets keeps anything close to the majority of them in…

Scrooge McDuck was a gold bug so he may have kept the gold to swim in just like Peter Schiff

Canonically according to Rosa the money bin is just his “personal memento” cash - the money he earned by hand and remembers every bit of. It’s only a portion of his fortune.

Re: Robinhood lays off 23% of staff

#264

Post by mistrial9 »

nathanvanfleet wrote: post #210
manquer wrote: post #87

Earlier quoted context omitted.

The rich don’t see it that way. At its core wealth accumulation is a scoring contest so every penny counts for those care. Also if you have all the material needs that is satisfied, then you go after the rare hard to get high value exclusive money drain this is human nature. For your specific example what that 50m might make difference it maybe a bigger jet that flies further or a second jet for the family or a yatch…

I agree with you but there is also the dynamic that there is always other richer people than you with richer lifestyles. So while you might think that one jet is enough for you if you had friends who didn't own a jet. When all your friends own 3 jets it makes you feel like you should also own 3 or whatever random expense you can imagine. And while you say "human nature" I'd rather say it's "human illness." They someo…

this is entertaining but, I think the relative-riches-rat-race theory here is missing the harsh "stick" part of carrot and stick. Money systems have both. Many wealthy people have debt and cash flow pressures, sometimes badly. The casinos and rehab clinics are full of those who lost touch with emotional stability during the race.

The sort of stable accumulation described is typical for a very small number of people overall, from low income to higher incomes, in my experience. Life is complicated.

Re: Robinhood lays off 23% of staff

#265

Post by adrr »

sn_master wrote: post #60
paxys wrote: post #29

> As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me Reminder that Vlad Tenev received $800M in compensation in 2021. In the same year the company made terrible bets on crypto and banking, took an irreversible reputation hit among its core user base because of the GME fiasco, had multiple user data breaches, was subject to several investigations and was fined hundreds of mi…

how much of that $800M was in stock vs cash?

It's all stock from a 2019 agreement that vested on a liquidty event. His cash comp is $250k for that year.

Re: Robinhood lays off 23% of staff

#266

Post by fleddr »

RSHEPP wrote: post #147
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…

Company I work for gives international Mental Health Day off, October 10th.

Good, in my book this means the company is allowed to send said email and be taken seriously.

Re: Robinhood lays off 23% of staff

#267

Post by xpe »

maronato wrote: post #201
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…

I don’t think humanity has ever not been morally bankrupt. Politics has always been immoral. Industrialism has always been immoral. Slavery was commonplace. We used to have feudalism and nobility. Morals are only applicable to those who have no choice and power to choose otherwise.

Many people use "politics" as a dirty word. That's understandable.

However, I try to remember that politics is the process of getting and using power without violence. In this way, politics is both a practice and a tool. Let this soak in.

Once you realize that politics is about dealing with conflict in some context without violence, you can at least grant that it is better than punching someone in the face.

To generalize, you might say that politics is a game you have to play. Perhaps call it a necessary evil. But the framing is somewhat arbitrary. I'd rather say that using power wisely and justly is a moral and ethical requirement. To do otherwise would be to abdicate responsibility and squander your power.

It is curious that the so-called sausage-making of politics is considered to be unsavory. It is certainly a mix of sometimes inconsistent ideas.

But it seems likely that uneasy compromise tends to be better than an imposed set of consistent doctrines. Or not... stay tuned.

Re: Robinhood lays off 23% of staff

#268

Post by quickthrower2 »

Closi wrote: post #202
quickthrower2 wrote: post #189

Earlier quoted context omitted.

An article I read on HN talked about the difference between being nice (saying something to appease someone) vs. kind (doing something that benefits another person). It mentioned on the NYC Subway you will see a guy help with a mother's pram but not say a word. No small talk. No smile. They are kind but not nice. Assuming the above definition, I would say this CEO is "nice" but not "kind".

Since when did giving millions to some bankers being laid off become the signal of being kind? They are getting severance packages with two months of further employment, and while that is not ideal for them at the individual level, I don't see why they need charity any more than anyone else. Being kind would actually be donating the money for truly charitable purposes to help the poorest.

I agree. Being kind is not keeping it for yourself.

Also the "some bankers" classification. I remember in the 2008 crash people getting angry at their tellers because they are "bankers". Yes they are, but they probably don't earn that much, dude.

Re: Robinhood lays off 23% of staff

#269

Post by adrr »

xyst wrote: post #138
gruez wrote: post #133

Earlier quoted context omitted.

>Robinhood is struggling for capital, so I wouldn't trust them with my cash whatsoever. Why not? You're protected by SIPC for up to $500k (for securities) and $250k (for cash).

Aren’t they selling the order flow of retail traders? Protected or not. I’m not trusting them. “Robinhood” my ass

What's wrong with selling your orders to a market maker? You get a better price.

Re: Robinhood lays off 23% of staff

#270

Post by dangus »

adam_arthur wrote: post #131
paxys wrote: post #29

> As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me Reminder that Vlad Tenev received $800M in compensation in 2021. In the same year the company made terrible bets on crypto and banking, took an irreversible reputation hit among its core user base because of the GME fiasco, had multiple user data breaches, was subject to several investigations and was fined hundreds of mi…

Brokerage is such a competitive space, their valuation never made any sense. And big money players would never use Robinhood over Schwab et all

Basically, the beta version of the Fidelity app very nearly defeats the purpose of using a brokerage like Robinhood.

“We will be like [established legacy business] but our app will be better” is not a long term business model.

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