Journalists at Sherwood News, the media arm of Robinhood, were among those laid off as part of the brokerage giant’s 10% staff reduction announced earlier this week.
“As part of an intentional organizational evolution, Sherwood is sharpening its focus on delivering content through its signature newsletters and breaking news content through the Robinhood App,” a spokesperson for Robinhood said in an exclusive statement to InvestmentNews.
Senior technology correspondent Rani Molla, business reporter Max Knoblauch, and technology reporter Jon Keegan shared news of their layoffs on LinkedIn. Robinhood acquired financial news startup MarketSnacks in 2019, which later became the foundation of Sherwood Media LLC, a wholly owned subsidiary under Robinhood.
“This shift reflects where our readers are most engaged as Snacks is one of the most widely read newsletters in the country. By concentrating our resources on these high-impact channels, we're meeting customers where they are and positioning Sherwood for its next chapter of growth,” added the statement from Robinhood.
Sherwood News covers finance, economics, prediction markets, crypto, and other business news. The ad-based media business produces Snacks as a daily newsletter. Sherwood also publishes Chartr, a data-driven newsletter focused on business, entertainment, and society.
Before this week’s layoffs, Sherwood’s online masthead listed 28 people including a 16-team editorial team staff, five contributors, and seven staff across engineering, operations and revenue. The outlet’s editor-in-chief is Joshua Topolsky, who previously worked at Bloomberg, Vox Media, and The Verge before he joined Robinhood in 2022.
This is not the first round of layoffs at Sherwood, as Business Insider reported cuts to the Robinhood media arm in January 2025. An article headlined “AI was the top reason cited for US job cuts for the third straight month in May,” was published June 12 to Sherwood’s website.
CEO Vlad Tenev said Robinhood’s business “has never been stronger” in a note to employees this week announcing the layoffs to 10% of its staff, or roughly 290 employees. The brokerage expects to incur about $28 million in charges tied to its layoffs – consisting of severance and benefits costs, as well as fees tied to share-based compensation.
In a June 16 SEC filing, Robinhood reported having hit record month-to-date average daily trading volumes across equities, options, and prediction markets. Robinhood’s HOOD stock closed up over 8% on Wednesday to trade around $105 per share and has now surged 32% over the past month. The stock is down about 8% on a year-to-date basis.
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