On today's Biz Breakdown, Netflix lays off 2% of it's U.S. workforce, Robinhood launches a new crypto wallet, more Twitter employees leave ahead of Musk takeover.

Wake Up With Cheddar

Biz Breakdown: Netflix Lays Off 2% Of U.S. Workforce, Robinhood's New Crypto Wallet, More Twitter Employees Leave Ahead Of Musk Takeover

Turning now to some of the business headlines we're watching for you this morning. Netflix laying off 150 employees across the company. That's according to an internal memo. The layoffs represent about 2% of the streamers total workforce taking most cuts in the US those are where that's taking place at least. This is the streaming giant's second round of cuts in less than a month. A company spokesperson saying that these changes are primarily driven by business needs rather than individual performance. Last month, netflix revealed that they lost 200,000 subscribers in the first three months of the year and they expect to lose an additional two million by june. Meanwhile, Robin Hood is launching a new crypto wallet. This wallet will offer the ability to store an even trade crypto, including many not available through the main Robin Hood app, It will also support N. F. T. S and decentralized finance protocols with no network fees. The wallet will give users sole control over their private keys necessary to manage their money on the Blockchain. Robin Hood is saying that the new wallet will be offered as a standalone app and they hope it will feature the same athletic design as their main platform and twitter is losing more executive level members that ahead of Elon musk's potential takeover. Two vice presidents and another senior employee at twitter are parting ways with the social media platform this week. Now the nature of their exits are not clear. However, spokesperson says that they're leaving for new opportunities. Their departure has come about a week after the GM of Twitter's consumer product division and the Revenue Product lead both left the company. This also comes after Elon Musk called for an sec investigation into twitter spam accounts, the Tesla Ceo, requesting verification before that $44 billion deal moves forward.