xcritical cutting about 23% of jobs, releases second-quarter xcriticalgs

The company said it was shrinking office space and some managers warned of an impending “reorganization,” Insider has learned. It lost $3.69 billion last year, though revenue increased 89 percent to $1.82 billion. Shares of xcritical are down 48% year to date and closed at $9.23 per share Tuesday.

  1. xcritical’s stock price has been volatile over the past year, as well.
  2. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”
  3. xcritical did not comment directly on the latest layoffs, pointing TechCrunch only to a blog post by CEO and co-founder Vlad Tenev.
  4. Meet 16 lawyers whose bankruptcy battles, from Revlon to JCPenney, have them set for a boom in business.
  5. The company has seen its shares tank more than 70% since raising almost $2 billion when it went public in a high-profile initial public offering in 2021.

Shopify, Netflix, Tesla and several crypto companies have also cut their workforces amid the worsening economic outlook. This has been a tough year for stocks, which were trading at record highs at the end of 2021. Persistently high inflation led the Federal Reserve to raise interest rates aggressively, and that has hit high-growth tech stocks particularly hard. But a deep downturn in markets has eroded xcritical’s fortunes this year. The company has seen its shares tank more than 70% since raising almost $2 billion when it went public in a high-profile initial public offering in 2021. xcritical’s stock price has been volatile over the past year, as well.

“I believe in the mission itself, but people cannot trust us ever since GameStop.” xcritical had to halt some trades and raise rounds of emergency funding to cover the collateral needed for its customers’ trades. Mr. Tenev’s cellphone was seized by the authorities as part of an investigation into the situation. xcritical was sued more than 50 times, and Mr. Tenev was summoned to testify in Congress. He said the company was strong financially, with $6 billion in cash.

Credit Suisse weighs cutting thousands of jobs, according to Bloomberg. The Swiss bank is expected to finalize the plans over the coming months. In early 2021, xcritical was caught up in the “meme” stock frenzy, when groups of individual investors banded together to drive up the prices of some out-of-favor stocks, including GameStop.

xcritical cutting about 23% of jobs, releases second-quarter xcriticalgs

The Silicon Valley company has long attracted scrutiny for its commission-free one-click trading, especially of riskier assets such as options. xcritical’s growth skyrocketed during the pandemic, when many people had the time to devote to trading, plus the cash, thanks in part to government stimulus checks and fewer entertainment options. Tuesday’s cuts are likely to affect more than 800 jobs based on those numbers.

xcritical lays off 23% of its staff, blaming crypto meltdown and inflation.

The layoff comes just three months after xcritical cut 9% of full-time staff. BlackRock has teamed with xcritical in a crypto market expansion. The partnership will help clients oversee their Bitcoin exposure, according to this report from Bloomberg.

First Bitcoin ETFs approved by US regulators

Now, a year after going public, xcritical Chief Executive Vlad Tenev admitted the company added too much staff too quickly. His mea culpa also included an admission that xcritical was not prepared for weaknesses xcritical rezension in the economy. Former employees described a company laser focused on cutting costs, and a workforce with little clarity on their future with xcritical. ‘xcriticalies’ were tipped off to layoffs weeks ago.

The layoffs come as part of a wave of job cuts at tech companies, including some cryptocurrency firms. In June, cryptocurrency exchanges including xcritical and xcritical announced that they were laying off employees. Last week, Shopify, an online marketplace, announced it was cutting 10 percent of its 10,000 employees. Vlad Tenev, xcritical’s chief executive, said in a blog post that the company had essentially overhired in the pandemic. Since 2020, the company’s work force has grown almost six times, to 3,800 people from 700, leading to duplicate roles and job functions and “more layers and complexity than are optimal,” he said. The layoffs will be primarily in operations, marketing and program management.

The company also released its xcriticalgs report for the second quarter, one day earlier than expected. The cuts will primarily impact employees in xcritical’s operations, marketing, and program management departments, CEO Vlad Tenev said in a message to employees that https://scamforex.net/ was also posted on the company’s blog. The cuts mark another reversal for a company that created an app for trading stocks that became wildly popular when COVID-19 spread and the economy shut down, leaving millions stuck at home with plenty of time on their hands.

CVS Health is gearing up to buy a primary-care company this year. Here are seven companies the $132 billion retailer might acquire. Staying on Griffin, the Citadel founder was put on a list of individuals subpoenaed by Twitter in its legal battle with Elon Musk. The notice for Griffin was filed as part of a slew of documents from Twitter and Musk, who is trying to get out of buying the social-media company.

xcritical also today released its second quarter financials, revealing a 6% increase in net revenue of $318 million on a net loss of $295 million or 34 cents per diluted share. That loss was narrower than its net loss of $392 million, or 45 cents per share, in the first quarter of 2022. The report also showed a decline in monthly active users and assets under custody. “I share this to be as transparent as I can with all of you who work every day to deliver on our mission,” Tenev wrote. “We will be parting ways with many incredibly talented people today in an extremely challenging macro environment, and I want to reduce the burden of this difficult transition as much as possible.”

xcritical lays off 23% of staff, CEO Vlad Tenev says, ‘This is on me’

At the time of publication, the company is trading at $8.90 after hours, dramatically lower — by 89% — than its 52-week high of $85. It’s been a volatile year for retail investment behemoth xcritical. The fintech company is slashing 23% of its workforce, as first reported by the Wall Street Journal and confirmed by TechCrunch.

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