Robinhood Layoffs 2022: Stock Price Plunges As 340 Full Time Staff Are Cut – By Danielle Ong (IB Times) / April 26, 2022
- The company said it was laying off workers due to overlapping job functions and duplicate roles
- Robinhood’s workforce grew to 3,800 after a hiring spree during the pandemic
- The firm’s stock price has fallen by 46% so far in 2022
Retail brokerage firm Robinhood Markets Inc. on Tuesday saw a massive drop in its stock price after CEO Vlad Tenev announced it was laying off hundreds of its full-time employees.
Shares of Robinhood closed at $10 Tuesday following news of the layoff, the lowest it has gotten since it went public in July on the Nasdaq under the ticket HOOD. Shares were down 5.5% in after-hours trading, according to an analysis by CNN.
Robinhood went public at $38 per share and later soared to $85. However, the stock price has plummeted by 46% so far this year. The S&P 500 has also fallen by 13%.
