Robinhood Layoffs

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Robinhood, the online brokerage and fintech company, is conducting further layoffs and reorganizing internal teams as part of a strategic pivot toward credit card products, a move driven by efforts to counter a shrinking user base. Following its $95 million acquisition of credit card startup X1 in June, the company is integrating X1 into its Robinhood Money division. While a spokesperson confirmed only a "very small number" of layoffs among the 60 employees who joined from X1, the company has been reducing headcount more broadly, including a cut of 150 full-time employees in June. These ongoing reductions, alongside the reorganization, come as Robinhood's monthly active users fell by 400,000 to 10.6 million between July and August 2023, prompting internal concern and a renewed focus on higher-margin credit offerings to stabilize its business.

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