Robinhood's Media Arm, Sherwood, Implements Layoffs
Sherwood, the media arm of financial technology company Robinhood, has recently implemented layoffs.
"We optimized team structure to align with our 2025 strategy," a spokesperson explained.
Sherwood joins a growing list of media companies that have undertaken layoffs in 2023, including NBC News, CNN, TechCrunch, and Vox.
"Sherwood expanded its team size over the past 18 months with the addition of journalists and the acquisition of Chartr," the spokesperson said. "Based on our long-term strategy, we made the decision to streamline operations."
The spokesperson declined to disclose the precise number of terminated employees, but confirmed it was a small percentage of Sherwood's overall workforce.
"Sherwood remains committed to providing timely market news and analysis as we progress towards 2025," the spokesperson added.
Background on Sherwood
Launched in 2023, Sherwood is a wholly-owned subsidiary of Robinhood. Led by journalist and entrepreneur Joshua Topolsky, the company focuses on markets, technology, and "the culture of money."
Sherwood's website features a dedicated section for Snacks, the popular newsletter acquired by Robinhood in 2019. The company also acquired data-driven newsletter publisher Chartr in 2023.