Vlad Tenev – co-founder of the Robinhood trading app – announced on Tuesday that the company is letting go of 9% of its full-time employees. The company’s share price fell shortly afterward to just $10.00 at the time of writing – 12 cents above its all-time low as a public company.
“While the decision to undertake this action wasn’t easy, it is a deliberate step to ensure we are able to continue delivering on our strategic goals and furthering our mission to democratize finance,” said Tenev.