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The Silicon Valley-based online trading platform Robinhood has laid off 23 percent of its workforce. This comes just three months after the fintech platform had reduced its headcount by 9% amid global economic turmoil. According to sources, a 23% reduction would mean that 713 employees were laid off and nearly 2,400 people are left at the company.

Vlad Tenev, Robinhood CEO, and co-founder, stated in a blog post that all employees would be affected and that the layoffs were “especially concentrated in the operations, marketing, and programme management functions.”As part a broader company reorganisation, I just announced we are reducing the headcount by approximately 23%,” Tenev stated recently.

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