Popular retail trading platform Robinhood has fired 9% of its workforce amid a firesale of its stock that has seen HOOD plunge to all-time lows.
In the past 30 days alone, HOOD has tanked roughly 38% to sit at $9.99 at the time of writing, marking the lowest price since the initial public offering (IPO) launch in mid-2021.
The decline is part of a longer-term bearish trend that has seen the price of HOOD continually decrease since its all-time high of roughly $70.39 on August 4, 2021, according to TradingView.
Robinhood publicly announced its staff readjustment via a Tuesday blog post by CEO and co-founder Vlad Tenev. He noted that after going through a “period of hyper-growth” between 2020 and H1 2021, the firm’s headcount had increased nearly six times, from 700 to nearly 3800 employees.
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