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Robinhood Cutting 9% of Full-Time Staff as ‘Hyper Growth’ Ebbs

  • Online brokerage had about 3,800 employees at end of last year
  • Firm racked up more than $2 billion of losses since July IPO
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Robinhood Plans to Cut 9% of Full-Time Employees
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Robinhood Markets Inc. was supposed to upend the way people trade. Instead, the way people trade is starting to upend Robinhood.

Less than a year into its run as a public company, Robinhood is dismissing 9% of its 3,800-person workforce. The Silicon Valley startup that once threatened to challenge Wall Street said that after a period of “hyper growth” and robust hiring in 2020 and early 2021, it was left with too much overlap.