Letting go 23% of its Staff Robinhood Still has Billion To Spend
A day after trading platform Robinhood announced to make 23% of its staff redundant after it already let go 9% previously in April, company CEO Vlad Tenev dismissed rumors of crypto giant FTX taking over the business.
With FTX founder Sam Bankman-Fried having secured a 7.6% stake in Robinhood in May, this fueled speculation of FTX taking over the popular stock and crypto trading platform.
Nevertheless, during an earnings call on Wednesday, Tenev said his firm still has $6 billion of cash lying around to be used for acquisitions when the right opportunities present itself. He confirmed that he would prefer his company to stay independent.
“I love us as a standalone company,” Tenev said when asked about being targeted in FTX’s latest bear market bargain hunt.
As for the Q2 2022 results, Robinhood’s total net revenue of $318 million picked up slightly from $299 million in the first quarter, due to bettering cryptocurrency activities and net interest. Nevertheless, figures show an almost 50% drop versus the second quarter of last year with $565 million revenue. The platform also recorded a drop in monthly active users and assets under custody.
Robinhood shares gained 10% on Wednesday and closed at $10.31. For comparison, the company went public in July of 2021 at $38 per share, jumping to as high as $85 in the the first month.
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Source: igaming
