#Write2Earn Robinhood is known for its meme-stock and crypto traders. Its CEO says users are embracing passive investing too.  

The meme-stock craze helped make trading app Robinhood a household name, but its CEOsaid some users have shifted from YOLO-style bets on SPACs and crypto toward long-term, passive investing.

Vlad Tenev, CEO and co-founder, Robinhood, which will cut about 7% of its workforce, or 150 employees.Kimberly White/Getty Images for Robinhood

• Robinhood boomed during the pandemic as budding day traders signed up to trade meme stocks.

• CEO Vlad Tenev said on a podcast that many have since embraced passive investing.

• Tenev described two main types of Robinhood users as "motorheads" and "folks that buy minivans."