CHARLOTTE – Financial services company Robinhood has formally backed out of a deal to invest $11 million in North Carolina.
The high-profile company, which provides an retail stock trading application, had pledged to create nearly 400 jobs paying more than $76,000 annually on average in Charlotte, with an investment of at least $11 million.
But the company pulled back its investment earlier this year, laying off 82 workers from the Charlotte office, reported by WRAL TechWire in August.
And now, a request from the company to terminate the 2021 deal was approved by the state’s Economic Investment Committee in a unanimous decision on Tuesday morning.
Robinhood slashing jobs in Charlotte – and shutting down the company’s office there
In early August 2022, the company notified the North Carolina Department of Commerce under the Worker Adjustment and Retraining Notification (WARN) Act, and a report issued by the department noted the effective date of the layoffs would be October 1, 2022.
Those layoffs came as the company disclosed it would lay off 23% of its workforce, months after it had cut 9% of the firm’s workforce.
According to a state official, Robinhood requested to terminate the existing Job Development Investment Grant. The company’s request was granted on Tuesday morning with a vote held by North Carolina’s Economic Investment Committee.
Robinhood did not immediately respond to a request for comment.
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