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The scandal-ridden investing platform has fallen from grace.
After laying off nine percent of its staff in April, company leaders announced yesterday that they will be cutting an additional 23 percent of the workforce.
The announcement came on the heels of a tumultuous week for the organization.
On the same day that the New York State Department of Financial Services imposed a $30 million fine on the company for not being able to adequately address risks facing its users, Robinhood executives reported a 44 percent revenue decrease from the second quarter of last year.
According to a note posted on the company's website, the decision was due in part to a top-to- bottom company reorganization effort as well as broader economic conditions.
The economy has deteriorated since the April layoffs, with inflation at 40-year highs and a broad market crash. Customer trading activity has been reduced.
One hell of a track record has been ringed by Robinhood. One of the most disappointing IPOs in history was delivered by the platform in the year 2021.
Despite the numerous scandals, the tech company has barely been able to survive. The company has lost 34 percent of its users since last year's second quarter.
Tenev argued in his post that "we have adapted to challenges and forced the financial industry to adapt to us"
He said that the company had overcome many obstacles and had emerged stronger and more resilient. This will be the same thing.
The company cut 23% of its workforce.
It was paid $70 million fine for being absolutely terrible.
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