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You mean, those poor employees who worked so hard to help grow the company won't get to enjoy the fruits of their labor?
> “This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal,” Tenev (Robinhood CEO) wrote. “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.”

There is no information about how the layoffs are distributed among various departments and among different seniority groups. I would imagine that the "employees who worked so hard to help grow the company" would be identified and retained. Newly hired employees with fewer contributions under them would be laid off.

If anyone here knows, I'd also be curious to ask how much it contractually costs a company like Robinhood to layoff a recently hired employee.