Robinhood Reworked Its Business After Shares Fell Nearly 90%

Robinhood reorganized its business after shares lost nearly 90% in under a year, shifting authority to business leaders and pursuing steadier revenue beyond speculative trading as pandemic-era market conditions reversed. Robinhood went public in 2021 at a valuation of about $32 billion, and its shares doubled during their first week. Inflation, rapid interest rate increases and falling speculative assets then reversed the forces behind the pandemic-era boom. Co-founder and CEO Vlad Tenev initially treated the slump as a market problem. He later concluded that the company still operated with a structure designed for near-zero rates, ample liquidity and a sudden pause in in-person commerce. He called the reset a refounding. Robinhood’s workforce grew from about 700 employees at the end of 2019 to nearly 4,000 two years later.

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