7 million retail investors have left Robinhood in a year as stocks and cryptocurrencies plummet

• 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.

https://ca.finance.yahoo.com/news/7-million-retail-investors-left-091835872.html