[quote=deadzone][quote=Coronita]yawn…. welcome back DZ/ How’s UTC life? 🙂
Robinhood is hardly “tech”. It’s a brokerage house…. and 9% is roughly 300 people. Drop in the bucket… No different than Schwab laying off a bunch of people from Ameritrade. Or better.com laying off people right before the holidays…
IBM and MSFT did just fine. For every loser there are winners. just like in real life.
But anyway. I think it’s pretty funny that you’re cheering for tech layoffs and at the same time you’re saying you’re in tech and not worried you’ll be laidoff. You can’t buy a house if you end up unemployed.[/quote]
Robinhood is not tech? They are literally a smartphone trading app. That is the definition of modern day tech.[/quote]
Uh, do I really need to explain this to you? Seriously? … Robinhood is a brokerage house. They compete with Schwab and lesser extent the traditional brokerage houses. They are a financial services company. You wouldn’t consider Charles Schwab or Fidelity or Vanguard a “tech company”…Why on earth would you think Robinhood is one?
They were made famous by generation Z because of the pioneered $0 commissions and very lax rules regarding margin trading, sold under the motto of empowering everyone to be a speculator and easy making money..
Nothing they do is really “tech innovative”. Their mobile app is not “tech heavy”, it’s more IT than anything else. Their business model of $0 commission is what distinguishes them (well, before everyone else started to do it too).
And, the reason why Robinhood is in deep shit and doing layoffs has nothing to do with the correlation you are trying to make with inflation, tech correction, whatever…It has everything to do with their business model and the MEME stock trades that cost them billions that was already going on since 2021.
This was all over the news during the MEME stock craze and how it cost robinhood specifically billions in losses…Robinhood was already in decline months ago from the MEME stock trading fallout. How could you have possibility missed that news?
In fact, Robinhood is exactly what you don’t want to do in terms of financial discipline. They tout how easy it is to speculate and trade options or to short, disastrous financial strategies for most people.. I’m surprised given how much you like to randomly speculate on being right with your guesses instead of doing the drip style investment, that you aren’t a robinhood customer….
