Robinhood says it will offer permanent remote working to most employees

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Stock trading app Robinhood said Wednesday will let most of its 3,400 person workforce work remotely on a permanent basis.

The newly public brokerage is headquartered in Melo Park, California; however, for a large segment of Robinhood employees there will be no location or in-office requirement, the company said.

«Our teams have done amazing work and built a strong workplace community during these uncertain and challenging times, and we're excited to continue to offer them the flexibility they've asked for by staying primarily remote,» Robinhood said in a blog post. The plans were announced to Robinhood employees in December.

Robinhood considers itself a technology company, and its move follows tech companies like Coinbase, Okta and Shopify going fully remote. Other megacap tech giants like Meta Platforms and Microsoft have created flexible work programs in response to the pandemic.

The post said Robinhood is building out its technological capabilities to support this change. The firm is also creating programs to address the challenges that work-for-home poses for certain underrepresented groups.

Shares of Robinhood have been punished in recent months and are 80% of their most recent high. The stock sits around $16 per share after opening at $38 per share in it's public debut in July.

Shares of Robinhood fell 1% on Wednesday.