Robinhood to lay off 10% of staff, expects $28M in restructuring costs

U.S. stock and crypto trading app Robinhood announced it is laying off approximately 10% of its full-time employees to simplify its organizational structure and accelerate product development. According to The Block, Robinhood anticipates the restructuring will incur about $28 million in costs in the second quarter. This includes an estimated $20 million for severance and benefits and $8 million in stock-based compensation.