Sherwood, the media arm of financial technology company Robinhood, has laid off a small number of employees as part of a restructuring effort. The company cited its 2025 strategy as the driving force behind the changes, emphasizing a focus on timely market news coverage.
Sherwood , the media arm of the financial technology company Robinhood , has announced staff reductions. This move comes amidst a trend of layoffs in the publishing industry this year, with notable companies like NBC News, CNN, TechCrunch, and Vox also making similar cuts. Over the past 18 months, Sherwood has experienced significant growth, hiring numerous journalists, introducing new products, and acquiring the popular newsletter brand Chartr.
According to a statement from a Robinhood spokesperson to Business Insider, the company conducted a strategic review leading to the streamlining of its team structure as part of its 2025 plan. The exact number of employees affected by the layoffs remains undisclosed, but the spokesperson emphasized that it represents a small percentage of Sherwood's overall workforce.Moving forward, Sherwood intends to concentrate its efforts on expanding its coverage of timely and breaking market news as it progresses towards 2025. Robinhood launched its media branch in 2023 under the Sherwood brand. Operating as an independent subsidiary, it is led by journalist and entrepreneur Joshua Topolsky, who serves as both editor-in-chief and president. Axios reported that at the time of Sherwood News' website launch in April 2024, the outlet employed approximately three dozen individuals, including a team of seasoned journalists from renowned organizations like Bloomberg, The New York Times, Axios, and Gawker. Sherwood's editorial focus encompasses markets, technology, and the broader 'culture of money.' The website features a dedicated section for Snacks, the popular newsletter acquired by Robinhood in 2019. Robinhood further expanded its media portfolio in 2023 by acquiring Chartr, a data-driven newsletter publisher renowned for its visually compelling storytelling approach
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