[HN Gopher] Robinhood: We are letting go approximately 9% of our...
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Robinhood: We are letting go approximately 9% of our full-time
employees
Author : donsupreme
Score : 56 points
Date : 2022-04-26 20:30 UTC (2 hours ago)
(HTM) web link (blog.robinhood.com)
(TXT) w3m dump (blog.robinhood.com)
| oversocialized wrote:
| jimmygrapes wrote:
| I don't think they make much money if there are no transactions,
| and the world chaos of late has made "hodl" the wisest choice for
| most. Probably will pick up later.
| drocer88 wrote:
| https://www.cnbc.com/quotes/HOOD?tab=financials
|
| Those loses look pretty big.
| throwaway4good wrote:
| That is an insane drop. What is going on? Are they being
| outcompeted or simply not making money? Is their business model
| (being an easy to use broker for little people) simply not
| good?
| nowherebeen wrote:
| There aren't offering anything new and even frontrun their
| customers. And with the GameStop fiasco, I think a lot of
| people realizes it was a bad business model. I don't think
| they will be able to recover. It will drop even more if a
| recession ever hits.
| qeternity wrote:
| > and even frontrun their customers.
|
| Oh ffs no they don't.
| cwilkes wrote:
| Damn it was $70/share 8 months ago and now it is $10.
|
| Which means that a 4 year stock grant worth $700k then got
| you 10k shares. That's now worth $100k
| yhoneycomb wrote:
| Went from being the golden child of /r/wallstreetbets
| (literally every portfolio screenshot was of robin hood) to
| being villainized due to suspicious circumstances regarding
| locking people out of trading Gamestop "for their own good."
| Now any screenshot of robin hood is ridiculed.
| brian_herman wrote:
| Yeah as soon as those orders weren't being filled and the
| ceo of robinhood was grilled by congress no one ever
| believed in them. On the discord there still people that
| use robinhood but most people use different brokers anyway
| like TD Ameritrade.
| unmole wrote:
| TD Ameritrade blocked trading in GME for the exact same
| reason as Robinhood.
| Sohcahtoa82 wrote:
| My anecdata...
|
| I started trading on RH in 2019. They make investing simple
| and approachable for someone who like me who knew the basics
| and just wanted to play around a bit with some spare cash.
|
| But after a couple years when I want to start taking it more
| seriously, their platform has failed to grow and improve. In
| the three years I've used them, I can't think of a single new
| feature they added that I use. Meanwhile, there are plenty of
| things I'd like. For example, it's beyond ridiculous that
| price graphs don't have their axes labeled. When selling
| stock, it's always FIFO, so I can't choose which lots to sell
| to optimize tax liabilities.
|
| The problem is that I have a hard time leaving because their
| margin rates (~3%) are so damn good compared to the major
| players (8% or higher).
| probIs8 wrote:
| reducesuffering wrote:
| Interactive Brokers have always had the best margin rates:
| https://www.interactivebrokers.com/en/trading/margin-
| rates.p...
|
| Current max is 1.83% but the more you borrow it
| asymptotically approaches 1%. (subject to change, same as
| RH)
| toomuchtodo wrote:
| IB has very conservative risk management wrt margin and
| there is no margin call. If the market moves against you,
| they will liquidate you rapidly. Something to keep in
| mind when considering your LTV. Their margin rates are
| good, but there's a reason they're good.
| toomuchtodo wrote:
| Good margin rates will be difficult to find in a rising
| interest rate environment. You can get lower rates from
| traditional brokers if you have a substantial net worth btw
| ($1MM+ AUM).
| toomuchtodo wrote:
| Pandemic gambling steam was going to run out eventually, but
| with $6B cash cushion, gives them a lot of time to figure out a
| long term strategy or get acquired by a traditional brokerage
| looking for a youth channel.
| kwertyoowiyop wrote:
| It's time for fuckedcompany.com to come back.
| wly_cdgr wrote:
| They prob just intentionally overhired because they could afford
| to, to deprive competition of talent and to see who did well.
| That's what I'd do if I had cash to burn in a competitive
| industry
| aaomidi wrote:
| Yeah I'm gonna empty out my assets and close my account.
|
| I HATE companies that fire people on the first bad quarter.
| People are relying on this salary to live.
|
| Literally have some basic fiscal responsibility and don't hire
| to the point where one bad quarter means you have to fire a
| tenth of your workforce. The fuck.
| Gigachad wrote:
| That's the startup tech company way though. You get in and
| make stupid amounts of money on the understanding it could
| vanish at any moment but your skills are valuable so you can
| get a job somewhere else quickly.
|
| I feel much worse for the casual employees who can have their
| hours reduced to unlivable amounts silently with no press
| release.
| 3a2d29 wrote:
| As a junior engineer with 1 year of experience, I was really
| looking forward to my first job switch and salary increase.
|
| Starting to look like I missed the golden job market between this
| and Meta/Twitter hiring freezes.
| probIs8 wrote:
| Yup; a VC I brunched with a couple weeks ago said cloud is dead
| and he's looking for alternatives
| Ancalagon wrote:
| How are Meta/Twitter/RH related to cloud?
| jeffnv wrote:
| It always feels that way when you're about to jump. Don't
| worry, from my perspective this is still the golden age.
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(page generated 2022-04-26 23:01 UTC)