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Robinhood: We are letting go approximately 9% of our full-time employees
- drocer88 5y agohttps://www.cnbc.com/quotes/HOOD?tab=financials https://www.cnbc.com/quotes/HOOD?tab=financials Those loses look pretty big.
- toomuchtodo 5y agoPandemic gambling steam was going to run out eventually, but with $6B cash cushion, gives them a lot of time to figure out a long term strategy or get acquired by a traditional brokerage looking for a youth channel.
- ltbarcly3 5y agoThey have to keep that $6B almost entirely in reserve as collateral to avoid another GME. Why would you say stuff like this on a public forum when you have no idea how that industry works?
- throwaway4good 5y agoThat is an insane drop. What is going on? Are they being outcompeted or simply not making money? Is their business model (being an easy to use broker for little people) simply not good?
- nowherebeen 5y agoThere aren’t offering anything new and even frontrun their customers. And with the GameStop fiasco, I think a lot of people realizes it was a bad business model. I don’t think they will be able to recover. It will drop even more if a recession ever hits.
- jimmygrapes 5y agoI don't think they make much money if there are no transactions, and the world chaos of late has made "hodl" the wisest choice for most. Probably will pick up later.
- 3a2d29 5y agoAs a junior engineer with 1 year of experience, I was really looking forward to my first job switch and salary increase. Starting to look like I missed the golden job market between this and Meta/Twitter hiring freezes.
- probIs8 5y agoYup; a VC I brunched with a couple weeks ago said cloud is dead and he’s looking for alternatives
- Ancalagon 5y agoHow are Meta/Twitter/RH related to cloud?
- samhw 5y agoThat doesn't matter, what matters is that he brunched with a VC ;)
- probIs8 5y ago
- FerociousTimes 5y agoflex baby flex
- angryasian 5y agoto VC everything is cloud
- samhw 5y ago"hedge cloud by investing in solar!"
- anm89 5y agoYeah, AWS, Azure, and GCP are all shutting down tomorrow. They just decided the cloud isn't that cool any more.
- oversocialized 5y ago
- kwertyoowiyop 5y agoIt’s time for fuckedcompany.com to come back.
- wly_cdgr 5y agoThey prob just intentionally overhired because they could afford to, to deprive competition of talent and to see who did well. That's what I'd do if I had cash to burn in a competitive industry
- aaomidi 5y agoYeah I'm gonna empty out my assets and close my account. I HATE companies that fire people on the first bad quarter. People are relying on this salary to live. Literally have some basic fiscal responsibility and don't hire to the point where one bad quarter means you have to fire a tenth of your workforce. The fuck.
- Gigachad 5y agoThat's the startup tech company way though. You get in and make stupid amounts of money on the understanding it could vanish at any moment but your skills are valuable so you can get a job somewhere else quickly. I feel much worse for the casual employees who can have their hours reduced to unlivable amounts silently with no press release.
- aaomidi 5y agoThe thing is, there isn't enough of an adverse consequence for companies to do this. For example, if companies got fined for large layoffs, or large number of employee cuts over a short amount of time (just to prevent loopholes of "slowly" laying off people), then this would be far less likely. Layoffs have an impact on far more than just the company. They have an impact on the state, they have an impact on the side service oriented businesses created because of that company, and they have a direct impact on the lives of the workers and their dependents. It shouldn't be "free" for a company to have a ripple effect of this magnitude. Regulations like this would force companies to grow in a sustainable fashion, since having a "break" like this would be extremely expensive to the execs and major shareholders of the company. FWIW I have barely thought this out and this might sound ridiculous.
- 5y ago
- user3939382 5y agoI use a unique email for every service. This week I got two emails to my Robinhood address from Metamask (never heard of it) subject “verify your wallet” I wonder how they got Robinhood’s email list?
- Kinrany 5y agoPerhaps someone is using valid emails to register fake accounts?
- danamit 5y agoThat's a phishing email and for sure not from Metamask. They normally get your email from some crypto-related service database leak, in my case at least.
- user3939382 5y agoYou’re right it’s not from Metamask! So… someone breached Robinhood’s account list and RH either didn’t disclose it or doesn’t know.
- danamit 5y agoThat's a possibility...
- redredrobot 5y agoThere was a Robinhood breach a while back - https://blog.robinhood.com/news/2021/11/8/data-security-incident https://blog.robinhood.com/news/2021/11/8/data-security-inci...
- user3939382 5y agoI see, it must have been from that. Thanks very much for sharing that. It’s very creepy and scary to see the breach notice side-by-side with these scumbags’ fresh phishing attempt. The people behind these sort of attacks need to be hunted down and brought to justice.
- _moof 5y agoHonest question from someone who has never used Robinhood: What do they do that, say, E*TRADE doesn't?
- whb07 5y agoBetter UI/UX. Less cluttering and refined. But other brokers are for more power users
- devoutsalsa 5y agoI use Fidelity and Webull. I have no strong preference. They both get the job done.
- elpakal 5y agocrypto
- NovemberWhiskey 5y agoAbsurdly lax qualifications for margin and higher-level options trading.
- UncleMeat 5y agoToday, not too much. They have cleaner support for things like crypto or more unusual trade structures but the big thing that they offered that nobody else had was free trades. The whole industry has now shifted to that but it was a big deal when a trade was $0.00 rather than $4.95.
- unobatbayar 5y ago> This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal. Why does this feel like a direct copy of Elon's recent email to Tesla? Does everyone use the same justification and exact wording when it comes to firing employees now?
- sjtindell 5y agoIt’s also a real phenomena right. Company not just growing but exploding, times are bountiful, extra heads get hired.
- killingmehardly 5y ago