Robinhood opens new offices in Seattle and New York
- Robinhood is opening two new offices in Seattle and New York to help it grow and hire new talent.
- Robinhood’s workforce will continue to work remotely until at least August 2021.
- The new offices come after Robinhood found itself at the center of the GameStop saga last month.
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Robinhood is opening two new offices in New York and Seattle, the company said Thursday.
In a blog post Breaking the news, Robinhood said the new locations will help it grow and better hire talent. An office in New York would be Robinhood’s first hub on the east coast, allowing “market coverage from coast to coast,” Robinhood said. The Seattle site will become the company’s center for “infrastructure, security and privacy.”
The expansion to two new cities will also give Robinhood access to new talent as it hires for dozens of open positions, the company said.
Read more: GENERATION ROBINHOOD: How the trading app conditioned its inexperienced users to obsessively gamble in the market
The stock trading app is currently based in Menlo Park, Calif., A few miles from Facebook and Stanford University. The new offices will place Robinhood alongside more established financial firms on Wall Street, as well as tech giants like Microsoft and Amazon in Seattle.
Robinhood’s blog post noted that the new offices are arriving even as its employees continue to work remotely, which the company says will continue until August 2021. In the long term, Robinhood said, it plans to use a “distributed workforce model” where some teams will remotely permanently while others will report to the office some or all of the time. When employees start returning to the office, Robinhood will take a phased approach, he said.
Robinhood’s expansion comes after a few tumultuous weeks for the company. Last month, a Reddit group called WallStreetBets sparked a wave of trading in GameStop stocks, as well as other so-called “memes stocks,” in an attempt to squeeze short sellers. As the GameStop stock price rose 1,700%, Robinhood restricted trading in these stocks due to “volatility”.
His decision to restrict trading resulted in a backlash from users, as well as public figures such as Rep. Alexandria Ocasio-Cortez, Mark Cuban, famous investor Michael Burry and Barstool Sports founder Dave Portnoy. Users then took to the Google App Store to throw Robinhood with one-star reviews.
Next week, the House Financial Services Committee will hold a hearing with executives from Robinhood, as well as those from Melvin Capital, one of the hedge funds whose short positions have been targeted by WallStreetBets, resulting in billions in losses. The audience will examine online trading platforms and gamification, as well as the impact of short selling on the markets.
Correction: A previous version of this story distorted Citadel’s relationship with the GME Frenzy. The company injected $ 2.75 billion into Melvin.