Retail stock investment app Robinhood is experiencing unprecedented success in 2021.
Robin Hood was the main platform used by retail investors to add value to companies such as AMS or game stopbut the economic climate, sanctions and hacks hit the company hard.
After a series of layoffs in April Robin Hood Last Tuesday, the company continued to lay off workers, saying goodbye to about 800 employees, about 23% of total wages.
It was for zoom
Vlad Tenev, CEO and co-founder Robin Hoodannounced his resignation on a call from increase it lasted from 5 to 10 minutes, former employees said insider.
The top manager claimed that the layoffs were his fault, because he hired too quickly, not foreseeing problems in the economy.
Tenev ended the conversation by indicating that employees would be informed Email address or sluggish about your work situation.
“We started exchanging contact information and phone numbers,” the former employee said. “After the announcement, we started refreshing our screens repeatedly to see if we received the notification. The whole company was paralyzed for those 15 minutes, waiting to see what would happen,” he recalls.
Gloomy weather at Robinhood
The layoffs are estimated to have cost the company $60 million, including severance pay and other expenses. It also coincided with a US$30 million fine imposed by the city New York for violating anti-money laundering regulations and to protect cybersecurity.
Workers who kept their jobs now have to build a company that has lost quite a bit of credibility in 2021 after the temporary suspension of stock trading game stop.
“I believe in (the company’s) mission, but they don’t trust us at GameStop anymore,” a former employee told Insider.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.