Robinhood announces it will reduce headcount by 10%, CEO seeks to avoid ‘heavily-layered’ organization

Robinhood, the app-based brokerage that helped fuel the meme-stock boom, is preparing another round of layoffs as it becomes the latest tech company to slim down its workforce. In a recent Form 8-K filing released on Tuesday, the company announced that it would trim about 290 full-time employees, amounting to 10% of its workforce, and cancel a small number of open job postings.

The filing also noted that Robinhood expects to spend about $20 million on severance and benefits, plus roughly $8 million in additional stock-based compensation costs tied to the layoffs.

Robinhood shares jumped more than 2% on the news but then fell later in the day. The stock was  trading around $95 as of mid-day Tuesday,........

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