Stock and Crypto Exchange Robinhood Lays off 23% of Employees

Stock and crypto exchange Robinhood announced that it's reducing its headcount by approximately 23%. The laying off is particularly concentrated in operations, marketing, and program management functions. Robinhood will move to a General Manager structure to flatten hierarchies and reduce cross-functional dependencies. This is the second time Robinhood lays off employees. In April, the company laid off about 9% of staff.