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Robinhood closing Charlotte office as layoffs continue

Robinhood's Charlotte office opened last March, bringing hundreds of jobs to Uptown. Just over a year later, Charlotte employees are being let go.

CHARLOTTE, N.C. — Robinhood, a popular app that allows users to buy and sell stock without paying commission or account minimums, is closing its Charlotte office as company layoffs continue. 

The Uptown office opened last year, promising to bring hundreds of jobs to Mecklenburg County. Charlotte-based employees will begin working under Robinhood's "work from anywhere" remote model, company spokesperson Casey Becker told WCNC Charlotte. It's unclear how many Robinhood workers are based in Charlotte or when the office will be closed. 

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The fintech firm's move to Uptown was seen as a revival of sorts, with Charlotte's center being mostly empty due to the COVID-19 pandemic after years of growth and a thriving corporate environment. 

Robinhood stock made its Wall Street debut in July of 2021. The company introduced millions of people to investing and went viral for the Gamestop saga of 2021 which saw stock prices rise rapidly and cause volatility in the market. 

CEO Vlad Tenev announced another round of layoffs and corporate reorganization on Aug. 2. Tenev said Robinhood would be letting go of 23% of its workforce, after cutting 9% of employees earlier this year. 

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"Since that time, we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash," Tenev said. "This has further reduced customer trading activity and assets under custody."

Founded in 2013, Robinhood offers investing in stocks, options, exchange-traded funds and cash management products through its brokerage, Robinhood Financial, crypto trading through Robinhood Crypto, and a suite of educational resources for first-time investors interested in building long-term, generational wealth.

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