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- Robinhood's band of merry
men is rapidly shrinking.

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The investment app's CEO announced

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they were laying off 9% of the company.

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Robinhood CEO Vlad Tenev wrote
that from 2020 through 2021,

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the company went through
a period of hyper growth

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due to low interest rates
and fiscal stimulus.

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He also stated that "to meet
customer and market demands,

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we grew our headcount
almost 6 times from 700

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to nearly 3,800 in that time period."

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That rapid increase in employees led to

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what he said were "some duplicate
roles and job functions,

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and more layers and
complexity than are optimal."

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The CEO promised separation
packages, healthcare,

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and job search assistance
for the departing employees.

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Well, this is the app that
infamously came under fire

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from both traders and some politicians

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for curbing so-called meme stocks trading

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of Gamestop shares in early 2021.

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Their stock closed at
$10 a share on Tuesday;

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a huge decline from $38 a share

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when the company went
public in July of last year.

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To read more about this
story, check out Gizmodo.com.