About Business Insider
Business Insider is an online business site focused on the financial, entertainment, green tech, and digital industry verticals. It also offers a premium paid subscription entitled BI Insider. The company was founded in 2007 and is based in New York, New York. In September 2015, Business Insider was acquired by Axel Springer.
Latest Business Insider News
Sep 23, 2023
September 23, 2023 11:59 AM | 3 min read Zinger Key Points In June, the trading platform announced that it would acquire no-fee credit card startup X1. Robinhood HOOD, the popular trading platform, is undergoing significant internal changes, including layoffs and team reorganizations, as it shifts its focus towards the credit card sector. This latest batch of job cuts comes in response to a dwindling monthly active user base, Business Insider reported , citing company insiders. In June, the trading platform made headlines when it revealed its intentions to purchase the no-fee credit card startup X1 for $95 million. Following the acquisition, a Robinhood spokesperson confirmed to Business Insider that the company underwent internal restructuring, resulting in the dismissals of a small fraction of the 60 employees who had recently joined. Robinhood's penchant for trimming its workforce isn't new. The online brokerage firm has been making waves in the media, with a buzz indicating a hefty cut of 150 employees across diverse sectors. However, the company is actively recruiting despite these layoffs, with 200 positions currently open, Business Insider added. Revamping Teams To Combat Declining User Engagement? Recent data indicated a drop in Robinhood's monthly active users, with a decline of 400,000, bringing the total to 10.6 million between July and August, the report added. In the last reported quarter, the company's monthly active users decreased by 1 million to 10.8 million . This is roughly half of what it was during the intense trading boom of 2021, according to a note by Wall Street Journal. This decrease has reportedly caused concern among the company's executive leadership. Data suggests that Robinhood is not just losing active users — its transaction-based revenues decreased 7% to $193 million in Q2. Shares of HOOD have also had an unfavorable run over the last month, declining nearly 8.2%. "The acquisition of X1 is Robinhood's latest strategy to reverse this trend," shared an anonymous source with Business Insider.
Business Insider Frequently Asked Questions (FAQ)
When was Business Insider founded?
Business Insider was founded in 2007.
Where is Business Insider's headquarters?
Business Insider's headquarters is located at 257 Park Avenue South, New York.
What is Business Insider's latest funding round?
Business Insider's latest funding round is Acquired.
How much did Business Insider raise?
Business Insider raised a total of $55.6M.
Who are the investors of Business Insider?
Investors of Business Insider include Axel Springer, RRE Ventures, Bezos Expeditions, Institutional Venture Partners, Gordon Crovitz and 11 more.
Who are Business Insider's competitors?
Competitors of Business Insider include Workweek and 3 more.
Compare Business Insider to Competitors
Matters Media, dba Distractify, is a media startup helping people communicate by sharing beautiful content. The company combines its human tastes with smart, predictive analytics to create major trends that take over Facebook feeds across the world. Its creative team is experienced in earning traction on Youtube, Buzzfeed, and Reddit while its engineers have held key roles at Skype, Microsoft, and Huffingtonpost.
Vox Media operates as a media company. It provides an online media publishing platform that creates editorial content and advertising through journalism, storytelling, and commentary on current events, lifestyle, entertainment, sports, dining, technology, and shopping. The company creates products to empower voices and engage people with content and experiences. It was founded in 2011 and is based in Washington, DC.
At this moment, the hottest stories in technology are scattered across dozens of news sites and blogs. That's an awful lot of sites for anyone to check. Fortunately, Techmeme arranges all of these links into a single, easy-to-scan page. It's auto-generated through a news-picking software system, so updates occur around the clock.n
New York Times Digital is a Internet/Internet Software & Services company based in New York, New York. New York Times Digital's investors include Highland Capital Management, Flatiron Partners and JP Morgan Chase & Co.
The Messenger is a news media site started by Jimmy Finkelstein who previously founded The Hill before selling it. The Messenger is a general news site covering politics, entertainment, sports, business and finance, tech & science, health & wellbeing, food, style and travel.
NowThis Media develops a video news network for mobile and social users. It offers news content in small video chunks intended for social media sharing. It was formerly known as PlanetDaily Network. The company was founded in 2012 and is based in New York, New York.