Robinhood's media arm Sherwood appears to have been hit hard after the brokerage announced plans to cut about 10% of its workforce.
In a June 16 note to "robinhoodies," Robinhood CEO Vlad Tenev said the company is reducing headcount and flattening management layers despite what he described as a "strong" business. He also said Robinhood would continue investing in top talent, though didn't elaborate on the matter.
Vlad Tenev
Shortly after the announcement, multiple Sherwood News journalists said they had been laid off.
One crypto reporter at Sherwood said the publication was "hit hard" by the cuts, while a senior writer and at least one other staff writer also publicly announced their departures.
- As The Coinformer verified, at least three Sherwood staff members were affected by the layoffs.
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Robinhood hasn't disclosed how many Sherwood employees were laid off, making it unclear how deeply the cuts affected the publication.
- Launched in 2023 as an independent media subsidiary under Robinhood, Sherwood was led by Joshua Topolsky, co-founder of The Verge and former chief digital content officer at Bloomberg.
- The media arm covers markets, business, technology, personal finance and crypto, including regular reporting on Bitcoin, Ethereum, and other crypto topics.
The company didn't say journalists were replaced by AI. However, the layoffs came as Tenev emphasized a leaner organization and greater use of "frontier technologies."
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