In the same week, it announced plans to axe nearly a quarter of its staff, and trading app Robinhood has lost chief product officer Aparna Chennapragada.

Chennapragada joined the company from Google a little over a year ago as its first chief product officer to oversee all product, design and research.

In a tweet thread, she says that she was "drawn to Robinhood for its potential to democratize finance for all". However, "the world has changed. As Robinhood adapts to this new context, it's time for me to move on".

Chennapragada, who spent 12 years at Google, where she led product, engineering and design teams, across Google Search, Shopping and AR, will stay in an advisory role until the beginning of next year.

Her exit comes as Robinhood not only fires hundreds of employees but also moves to a general manager structure in order to "flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions".

The changes come as Robinhood posted second-quarter results which show a 44% fall in revenues compared to the same period the year before on declining monthly active users and assets under custody.