Robinhood is firing nearly a quarter of its staff

Robinhood is letting go of nearly a quarter of its staff, CEO Vlad Tenev said in a message posted to the company’s blog.

“As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%,” Tenev wrote. “While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.”

Robinhood’s chief product officer Aparna Chennapragada is also stepping down from her post as part of the restructuring, according to a filing with the Securities and Exchange Commission, though she’ll “remain employed in an advisory role to the CEO or his designee through January 2, 2023.”...

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