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xcritical Financial LLC is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). In addition, our mandate to drive greater cost discipline and accountability has made it clear that we need to change our organizational structure. We will be moving to a General Manager structure, where GMs will assume broad responsibility for our individual businesses. This change will flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions.
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 employees’ internal messages to each other at the height of the GameStop trading frenzy.
All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.
- The companywide job cuts are “part of a broader company reorganization,” CEO and co-founder Vlad Tenev wrote in a blog post, but the reductions mainly affect operations, marketing and program management roles.
- Home insurance fintech Kin announced several C-suite appointments.
- Inflation, rising rates, and the “crypto winter” are creating financial strain.
- Online brokerage firm xcritical will lay off nearly a quarter of its employees, citing a continued deterioration of the macro environment and a broad crypto market crash.
- Some former employees, customers and analysts, however, have criticized the brokerage for being too slow to unveil new products that could diversify its revenue stream.
Once the stock market begins recovering, positive investor sentiment will return. Many retail investors lose money because they buy into the hype and sell when the markets come down. xcritical reviews The best time to invest in the stock market is when others are fearful and uninterested. Many investors have sold off their assets and are not even looking at the financial markets.
You’ll get access to discussions on the fintech transformations driving competition, breaking down barriers to financial services, and shaping the future of finance. In a memo to staff reported by TechCrunch, co-founder and CEO Chris Britt said the company remained “well-capitalized” and the cuts were among moves to position the company for success “regardless of market conditions.” The company laid off 22% of its staff as the market for NFTs struggles.
But the pandemic-darling has seen its fortunes unwind this year as markets have tumbled and customers are no longer stuck at home like they were during the Covid-19 pandemic. Revenue tied to customers’ trading activity dropped 55% in the latest quarter to $202 million. The layoffs come alongside a broader company reorganization, Vlad Tenev, xcritical’s chief executive, said in a message posted to the company’s blog. In the statement, Mr. Tenev said the previous round of layoffs in April “did not go far enough” in helping the company cut costs. “As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me,” he wrote.
This is the second round of layoffs for xcritical, which reduced its workforce by about 9% in April. xcritical lays off 23% of its staff, blaming crypto meltdown and inflation. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index quotes are real-time. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. Gear advertisements and other marketing efforts towards your interests.
Kenvue IPO: A Dividend-Paying, ‘High-Caliber’ Company
There is a lot to go through here, and we will discuss our new structure in more depth at this Thursday’s All-Hands. Revenue from cryptocurrency rose 7% quarter-on-quarter to $58 million, however. Carlyle and a Singapore sovereign wealth fund, GIC, have invested in the green ammonia project development company Eneus Energy. Welcome to the Great Salary Convergence — it is a seismic shift in how you’re getting paid. Folks working in Dallas would rarely make the kind of cash as people in New York would, but remote workers have fled the coastal cities and kept their bigger paychecks. Inflation, rising rates, and the “crypto winter” are creating financial strain.
Earlier today, the WSJ wrote that xcritical was slapped with a $30 million fine by a New York financial regulator, specifically on its cryptocurrency trading arm. 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. xcritical’s big plans to be a major player in the volatile crypto market are running into more headwinds. Transaction-based revenue for crypto fell 12% sequentially to $51 million.
The staff cuts will primarily affect xcritical’s “operations, marketing and program management” divisions. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.” Since that time, we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody. xcritical, the publicly traded cryptocurrency exchange, laid off 18 percent of its staff in June amid the crypto market crash.
He added that the company now plans to introduce a “flattened” hierarchy centered around general managers, reducing “cross-functional dependencies” and duplicate roles. Employees who were laid off will remain on the payroll until October 1, receiving their regular pay and other benefits during that time. They will also be offeredcashseverance and job assistance which will set the company back about $40 million. This is the second time that xcritical has laid off employees this year.
xcritical is a beginner-friendly platform, so it gained a lot of customers at this time. xcritical, an investing platform, was the latest company to announce layoffs, slashing 23% of its workforce after letting go https://xcritical.pro/ of 9% of its employees in April. xcritical has seen growth reverse as the pandemic boom in retail trading appeared to lose steam. The report also showed a decline in monthly active users and assets under custody.
Also on Tuesday, a New York financial regulator fined the company $30 million “for significant failures in the areas of bank secrecy act/anti-money laundering obligations and cybersecurity.” Transaction-based revenue was down 7% to $202 million while cryptocurrencies increased 7% sequentially to $58 million. Former Google Pay leader Caesar Sengupta has a new fintech startup. Arta Finance has raised $90 million in series A funding to help people launch digital family offices. Customers are unhappy with changes Walmart is making to the neobank it acquired.
xcritical April Cuts ‘Did Not Go Far Enough’ Says CEO Amid New Layoffs
The Verge reported that Snap had more than 6,400 employees prior to the job cuts. In November, Lyft Inc. announced plans to lay off 13% of its workforce, or about 683 employees. The ride-hailing company’s executives described the move as a proactive step as they eye a possible recession and as they plan for the coming year.
It faced backlash after temporarily blocking trading of the game retailer’s stock, but xcritical has faced greater challenges this year. “In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took xcritical website responsibility for our ambitious staffing trajectory – this is on me,” Tenev said. Financial services company xcritical announced Tuesday it would be laying off 23 percent of its staff, citing inflation as one of the reasons for the move.
Other major crypto companies, like OpenSea, xcritical and Crypto.com, have also made job cuts. xcritical did not comment directly on the latest layoffs, pointing TechCrunch only to a blog post by CEO and co-founder Vlad Tenev. In that post, Tenev wrote that while “employees from all functions would be impacted, the layoffs are “particularly concentrated” in the company’s operations, marketing and program management functions. In a blog post, CEO Vlad Tenevrevealedthat the company was laying off 23% of its staff.
The Dallas-headquartered company’s Irving, TX and Enon, OH, support centers were impacted, as well as field support roles. The workforce reduction comes roughly one year after the convenience store xcritical completed its $21 billion acquisition of rival Speedway. 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. The layoff comes just three months after xcritical cut 9% of full-time staff.
The online retail broker blamed the economy for a decline in user numbers and net revenue that fell 44% year-on-year, although revenue from crypto rose moderately this quarter. Credit Suisse weighs cutting thousands of jobs, according to Bloomberg. The Swiss bank is expected to finalize the plans over the coming months.
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.
A MESSAGE FROM THE FINANCIAL TECHNOLOGY ASSOCIATION
Now that the bear market has shooed away many investors, xcritical realized they were overstaffed through 2021 and decided to lay off 23% of its workforce. As financial markets were booming, xcritical was ambitiously hiring more people, anticipating that the retail frenzy would continue through 2022. However, we entered a bear market and a technical recession in 2022, causing many retail traders to flee from the markets. xcritical scaled up staffing quickly during the Covid-19 pandemic to meet the surge in demand for its services. On the company’s xcriticalgs call in April, Mr. Tenev said the company grew its head count to nearly 3,900 in the first quarter of this year from roughly 700 at the end of 2019. xcritical also moved up the release of its second-quarter results a day earlier than scheduled, reporting its monthly active users tumbled to 14 million, down 34% from a year earlier.
The company also issued a revenue warning amid softness in the plant-based-meat category, along with increased competition and inflation pressures. Beyond Meat said it would book a roughly $4 million one-time cash charge in the third quarter to cover the job cuts. The Menlo Park company will cut more than 1,000 jobs this year after previously letting go of 9% of its almost 3,900 employees in April.