According to Reuters, the trading platform Robinhood announced it will cut approximately 10% of its full-time staff and close a small number of remaining open positions. Robinhood expects to incur about $20 million in employee severance and restructuring costs related to benefits, as well as approximately $8 million in equity incentive expenses, which are expected to be recognized in the second quarter. Following the announcement, Robinhood's stock price rose about 1.3% pre-market.

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