Bulletins

Robinhood is making remote work permanent for most employees

Even as the company expands its real estate footprint, most of the over 3,000-person workforce won't have to use it.

Hand holding phone with Robinhood app

The Robinhood office of the future is all digital.

Photoillustration: Jakub Porzycki/NurPhoto via Getty Images

Robinhood announced Wednesday that most of its 3,400-person workforce will continue to work remotely going forward. Employees of the investing app have been largely remote since the beginning of the pandemic, though the company has continued to expand its workforce and office real estate, especially in New York and Seattle. The company said employees were briefed on the changes in December.


“In the last two years, we’ve seen how flexibility and trust allows teams to do their best work, attract top talent, and create a workplace that’s more inclusive and equitable. Our teams have done amazing work and built a strong workplace community during these uncertain and challenging times, and we’re excited to continue to offer them the flexibility they’ve asked for by staying primarily remote,” Robinhood said in a statement.

It’s become routine for tech companies to delay reopening dates and adjust their definitions of “hybrid” or “remote,” but Robinhood appears to be making a decision for the longer term. Though some employees will need to stay commuting distance from a regional office for regulatory reasons and a small portion of employees will still need to go work in person, Robinhood is characterizing its new philosophy as a “primarily remote approach.” Most employees will have no location or in-office requirement. The company has not publicly released any detailed information as to how remote work may impact pay.

In shifting its return-to-the-office plans, Robinhood has some good company. Omicron already spooked Google out of its January return to the office date. Meta and Lyft both have offices open again, but suspended in-person work requirements last month. And not only has Apple indefinitely delayed its return to the office, it has also started giving out $1,000 stipends to employees to improve their work-from-home setups.

Trying to get ahead of any backlash, Robinhood’s statement also directly acknowledged the disproportionate impact of remote work policies on women and people of color. The company said it plans to address these disparities by empowering employee-led resource groups organized by identity and experience, using technology that helps foster more participatory remote conversations and a soon-to-be-rolled-out inclusive mentorship program.

Latest Bulletins

Crypto broker Voyager Digital has filed for bankruptcy protection, days after suspending all trading and withdrawals on its service.

Keep Reading Show less

In order to hobble China’s ability to produce computer chips, U.S. officials are in talks with their counterparts in Holland to block a semiconductor manufacturing tool maker based there from exporting its machines to China, Bloomberg News reported on Tuesday.

Keep Reading Show less

Stock and crypto trading service eToro has called off a SPAC merger and will stay private, the company said Tuesday. The company is also laying off about 6% of its staff.

Keep Reading Show less

Crypto lender Nexo announced Tuesday that it has signed a term sheet to acquire fellow lender Vauld for an undisclosed sum. While Nexo currently manages assets for about four million users, Vauld manages assets for about 100,000 people, according to the company’s estimates last year.

Keep Reading Show less

Twitter on Tuesday filed a suit against the Indian government in an attempt to limit government oversight over politically charged content moderation decisions. The lawsuit, filed in the Karnataka High Court, also alleges abuse of power by elected officials in India.

Keep Reading Show less

Tesla has lost its spot as the world's largest electric vehicle maker to BYD, the Chinese automaker backed by Warren Buffett's Berkshire Hathaway.

Keep Reading Show less

Ending a project that once sought to build a world-spanning financial network, Meta announced on the Novi website Friday that the pilot test of its blockchain-based money-transfer app would end in September.

Keep Reading Show less

In the wake of privacy concerns following Roe v. Wade being overturned, Google said Friday that it will start automatically deleting location history related to potentially sensitive places.

Keep Reading Show less

Voyager Digital said Friday it is suspending trading, deposits and withdrawals, in the latest sign of the deepening crisis in the crypto markets. Voyager said the move is meant to give the major crypto broker “additional time” to look for “strategic alternatives” as the company grapples with the impact of the market slump, CEO Stephen Ehrlich said in a statement.

Keep Reading Show less

BlockFi CEO Zac Prince said his company has signed a deal giving FTX the option to buy the crypto lender for up to $240 million as part of a credit financing agreement.

Keep Reading Show less

Tesla is facing yet another racial discrimination lawsuit, this one brought by 15 Black current and former employees who are suing the company in California.

The workers said the company’s culture allowed for “blatant, open and unmitigated race discrimination” and most of the alleged behaviors are said to have occurred at the company's factory in Fremont.

Keep Reading Show less

Klarna is close to raising new funding at a valuation of about $6.5 billion, which would be far below its last round raised last year, according to the Wall Street Journal. The move is the latest sign of the effects of inflation and the economic downturn on the fintech sector and "buy now, pay later" in particular.

Keep Reading Show less

Crypto companies will have to disclose just how much climate damage is tied to the tokens they're hawking. At least in Europe, that is.

Keep Reading Show less

Gene Levoff, Apple's former director of Corporate Law, pleaded guilty to insider trading, the Department of Justice announced Thursday.

Keep Reading Show less

New York state environmental regulators have declined to extend a key permit to a controversial cryptocurrency mining operation in the state's Finger Lakes region.

Keep Reading Show less

FTX is reportedly close to gobbling up BlockFi for about $25 million, though BlockFi's CEO has dismissed the talk as "market rumors."

Keep Reading Show less

The CFPB said it has terminated a sandbox deal that gave earned wage access provider Payactiv “temporary safe harbor from liability” under key lending regulations.

The CFPB granted Payactiv “special regulatory treatment” in December 2020 to offer “earned wage access” products that would allow employees to obtain wages they already earned before payday.

Payactiv gets paid back through a payroll deduction from the employee’s next paycheck. The company makes money through fees.

The CFPB said it had informed Payactiv early this month that it was “considering terminating the approval order in light of certain public statements the company made wrongly suggesting a CFPB endorsement of its products.”

The company requested that the CFPB end the sandbox order after notifying the agency that it planned to modify its product fee model, the CFPB said.

The move underlined the CFPB’s increasingly critical view of sandbox deals that the agency said “proved to be ineffective.”

Safwan Shah, Payactiv's founder and CEO, is credited with coining the term "earned wage access," which has been criticized by consumer advocates as being potentially predatory, especially when it comes to workers who don’t make much money.

Shah has argued that it benefits ordinary workers, citing a dieting principle: "The less you are paid, the more frequently you should be paid," he told Protocol in a 2021 interview. "If you're going to eat 500 calories, don't eat them in one sitting. Spread them throughout the day."

Correction: This story has been updated to correct the spelling of Payactiv's name. This story was updated June 30, 2022.

Samsung announced Wednesday that it has taken a significant step toward rolling out a next-generation manufacturing technology that has the potential to reshuffle the chip industry.

Keep Reading Show less

Amazon has censored search results related to LGBTQ+ products in the United Arab Emirates after being pressured by the government.

Keep Reading Show less

Grayscale is suing the U.S. Securities and Exchange Commission after the regulator denied the company's bid to convert its bitcoin trust into an exchange-traded fund.

Keep Reading Show less

App developers in South Korea can now use third-party payment systems, Apple announced in a blog post Thursday.

Keep Reading Show less

An employee working for OpenSea's email delivery vendor misused their customer data access to download and share email addresses with an "unauthorized external party," the NFT marketplace wrote in a company blog post Wednesday. The employee worked for Customer.io.

Keep Reading Show less

Javier Soltero is leaving Google Workspace, Google Cloud CEO Thomas Kurian announced Wednesday in an email to staff viewed by Protocol. Soltero will leave his role effective July 15.

Keep Reading Show less

San Francisco-based game development tools provider Unity is laying off hundreds of employees, according to a report from Kotaku.

Keep Reading Show less

Niantic is reportedly cutting between 85 and 90 staff members, or 8% of its workforce.

Keep Reading Show less
Bulletins