Robinhood lays off quarter of its workforce amid 75% dip in digital currency revenue
CEO Vlad Tenev took the blame for the layoffs, saying the company projected the high interest in its platform during the pandemic, and meme stock craze would last.
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Robinhood axes 9% of full-time employees
The layoffs will help Robinhood to improve efficiency, increase velocity, and ensure that it can adapt to changing needs of users, according to the company.