Robinhood Layoff 290 Employees in Push for Greater Efficiency

Robinhood Markets is laying off approximately 290 employees, representing about 10% of its full-time workforce, as the company seeks to streamline operations and flatten its organizational structure. The firm is also closing open job positions as part of the restructuring effort. CEO Vlad Tenev said trading activity surged in June across equities, options, and prediction markets, reflecting strong customer engagement. Robinhood expects to record roughly $28 million in restructuring charges, primarily related to severance costs. Investors appeared to welcome the move, with shares rising more than 3% in premarket trading to around $101. The company reported platform assets of $377 billion in May and 27.7 million funded customers.