{"id":13471,"date":"2022-08-09T10:36:57","date_gmt":"2022-08-09T10:36:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/letting-go-23-of-its-staff-robinhood-still-has-6-billion-to-spend\/"},"modified":"2022-08-09T10:36:57","modified_gmt":"2022-08-09T10:36:57","slug":"letting-go-23-of-its-staff-robinhood-still-has-6-billion-to-spend","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/letting-go-23-of-its-staff-robinhood-still-has-6-billion-to-spend\/","title":{"rendered":"Letting go 23% of its Staff Robinhood Still has $6 Billion To Spend"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>A day after trading platform Robinhood <a href=\"https:\/\/blog.robinhood.com\/news\/2022\/8\/2\/a-message-from-our-ceo-and-co-founder-vlad-tenev\">announced<\/a> to make 23% of its staff redundant after it already let go 9% previously in <a href=\"https:\/\/igaming.org\/crypto\/robinhood-letting-go-9-of-workforce-after-disappointing-growth\/\">April<\/a>, company CEO Vlad Tenev dismissed rumors of crypto giant <a href=\"https:\/\/igaming.org\/cryptocurrencies\/ftx\/\">FTX<\/a> taking over the business.<\/p>\n<p>With FTX founder Sam Bankman-Fried having secured a <a href=\"https:\/\/igaming.org\/crypto\/ftx-ceo-sam-bankman-fried-takes-7-6-stake-in-robinhood\/\">7.6% stake<\/a> in Robinhood in May, this fueled <a href=\"https:\/\/igaming.org\/crypto\/is-robinhood-ftx-next-target-for-acquisition\/\">speculation<\/a> of FTX taking over the popular stock and crypto trading platform.<\/p>\n<p>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.<\/p>\n<p><em><strong>\u201cI love us as a standalone company,\u201d<\/strong><\/em> Tenev said when asked about being targeted in FTX\u2019s latest bear market bargain hunt.<\/p>\n<p>As for the Q2 2022 results, Robinhood\u2019s 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 <a href=\"https:\/\/igaming.org\/crypto\/robinhood-records-60-of-q2-earnings-coming-from-crypto\/\">second quarter of last year<\/a> with $565 million revenue. The platform also recorded a drop in monthly active users and assets under custody.<\/p>\n<p>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.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/letting-go-23-of-its-staff-robinhood-still-has-6-billion-to-spend\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) 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% [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13471"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13471"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13472"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}