Fidelity is taking on a big regulatory risk along with its pioneering status. The move to offer crypto-enabled 401(k) plans is the first of its kind by a major firm. "After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers," Tenev wrote.
Tenev said the company plans to prioritize "opportunities for automation and operational efficiency." Robinhood will also take a closer look at its headcount growth targets. Its shares, which have mostly struggled since its IPO in July, fell roughly 5% in after-hours trading in the wake of the announcement. The company is set to report earnings Thursday.
The decision effects roughly 340 Robinhood employees. Between 20, the company's headcount increased sixfold to keep up with rapid demand, from 700 to nearly 3,800. with Apple taking up 56% of the market and Samsung taking 22% - are now letting buyers fix their own devices, a sign that these companies are trying to get ahead of both state and federal legislation sparked by the growing right to repair movement.įollowing a period of "hypergrowth," the company is cutting down on duplicate roles and job functions as a way to mitigate "more layers and complexity than are optimal," the trading app's CEO Vlad Tenev said in a blog post.
With Apple opening its program, the two largest smartphone sellers in the U.S. Samsung also recently announced self-repair services for customers, with a program launching with iFixit this summer that will allow users to replace display assemblies, back glass and charging ports on its most popular Galaxy smartphone models. Rentals last a week and ship for free, Apple said.Īpple first announced the Self Service Repair program in November, but didn't reveal a launch date at that time. Apple is also offering tool rental kits for $49 for those who only want to do single repairs. Some repairs will give customers a credit for returning a replaced part to be recycled. This story was updated on April 27, 2022.Īpple tools and parts available in the program are the exact same, and cost the same, as those available to the company's network of authorized repair providers. "Musk's argument that the SEC has used the consent decree to harass him and to launch investigations of his speech is likewise meritless and, in this case, particularly ironic."Ĭorrection: An earlier version of this story misspelled Judge Liman's name. District Judge Lewis Liman said in a written opinion. " cannot now complain that this provision violates his First Amendment rights," U.S. The settlement was first put in place in in 2018 over fraud charges when Musk tweeted he could take Tesla private without filing SEC regulatory notices. Musk asked that the the consent decree be terminated in March, calling the policy unworkable, according to The Wall Street Journal. On Wednesday, a federal judge denied Musk's request to drop a 2018 SEC settlement that requires that his tweets be pre-approved. Not only does Musk have a restrictions on what he can say about Twitter on Twitter, but he also can't seem to shake his Twitter-sitter settlement stemming from his problematic tweets about Tesla, Axios reported.
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