- Robinhood’s monthly active users plunged 34% to 14 million over the past year.
- Retail investors have stopped trading stocks on the platform as stocks and cryptocurrencies plummet.
- The trading app now plans to cut 23% of its staff, chief executive Vlad Tenev said.
Robinhood has seen its active users decline by a third in the space of a year as stocks and cryptocurrencies struggling to deliver returns.
The trading app saw its number of monthly active users slide 34%, by roughly 7 million, to 14 million over the past year, according to a second-quarter earnings report released Tuesday.
Retail investors have struggled during a punishing 2022, with recessionary fears and rising interest rates hitting their portfolios.
ca.finance.yahoo.com/news/7-million-retail-investors-left-091835872.html
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