• Robinhood’s CEO says business is thriving and it’s cutting jobs to “maximize our talent density.”
• “Our ambitions require us to continuously raise our own bar,” Vlad Tenev wrote in a layoff memo.
• The trading platform isn’t the only company that’s drawn connections between worker performance and cuts.

Robinhood has a message for workers losing their jobs: The company isn’t struggling. You are.

That’s the crux of Tuesday’s layoff memo from the CEO of the trading platform. It’s the latest example of a high-profile company trimming head count while simultaneously saying it’s doing well.

“Robinhood’s business has never been stronger,” wrote Vlad Tenev while announcing plans to reduce 10% of the company’s workforce. Robinhood had 2,900 full-time employees at the end of 2025, according to a February securities filing.

Tenev didn’t explicitly call the “Robinhoodies” being let go low performers, as Meta CEO Mark Zuckerberg did of staff booted from his Facebook parent last year. Tenev did, though, draw a clear contrast between the workforce Robinhood is shedding and the one it wants to keep.

“Our execution is strong today, but our ambitions require us to continuously raise our own bar,” he wrote, while saying he was grateful to those departing. “The goal is to maximize our talent density.”

Anthony Klotz, a professor at the University College London School of Management, said the memo’s subtext is clear: “This was a performance-based decision.”

‘No job is 100% secure’

Tenev’s statement illustrates how the rationale for layoffs has evolved in recent years. Instead of citing weak business conditions, some executives are arguing that cuts are necessary to create leaner organizations staffed by fewer, higher-performing employees. For workers losing their jobs, though, the distinction may offer little comfort.

“The overarching message for everybody is that no job is 100% secure,” said Lee Harding, a recruiter for a global search firm.

For those at Robinhood in particular, he expects the takeaway to also be personal: If he were among those let go, he said he’d interpret Tenev’s message as meaning “I’m not good enough.”

Robinhood declined to comment.

In a securities filing Tuesday, Robinhood said the cuts come as June’s month-to-date average daily trading volumes hit record levels across equities, options, and prediction markets. That follows the company’s April report that first-quarter cryptocurrency revenue dropped 47% year over year to $134 million, reflecting weaker retail trading amid a slump in crypto markets.

Operating lean

Microsoft, Block, and several other employers have also described their businesses as robust while conducting layoffs. Some have cited AI as a reason for job cuts while also encouraging still-employed workers to embrace the technology.

A common thread in recent layoff memos is a desire to cut down on middle-management layers. The change reflects lessons from companies’ overhiring during the pandemic, AI’s automation capabilities, and economic uncertainty, said Melissa Swift, founder and CEO of organizational consultancy Anthrome Insight.

“When you operate lean, you can pivot more quickly,” she said.

Robinhood framed the job cuts around removing layers, demanding “high performance,” and creating opportunities for its “most talented people.” Those words appear to be aimed as much at the workers who remain as those who are leaving, said Richard Smith, a professor at Johns Hopkins Carey Business School who runs the Human Capital Development Lab.

“Organizations aren’t firing their top talent,” he said, meaning that others could be at risk.

Moving forward

On one hand, the memo could create anxiety for those who remain.

“Workers left behind are likely thinking: ‘I could be the low performer tomorrow,’ ” Swift said.

Alternatively, Robinhood’s language could reassure workers who survived the cuts that management views them as part of the company’s future and believes it has retained its strongest people, Smith said.

Signaling an intent to “take care of the remainder” can ease concerns among workers — and prospective employees — who could worry that more layoffs are coming, he added.

At the same time, he cautioned against assuming everyone affected by Robinhood’s cuts was a low performer. Businesses often eliminate jobs as roles become less necessary, Smith said.

• Yum! Brands has sold Pizza Hut amid declining sales and market competition challenges.
• LongRange Capital and Yum China Holdings will acquire the iconic chain in a $2.7 billion deal.
• Yum! Brands will refocus on its other brands: KFC, Taco Bell, and Habit Burger.

Pizza Hut is getting a new owner after years of weak sales and growing questions about the future of one of America’s best-known pizza brands.

Yum! Brands said Tuesday it entered into agreements to sell Pizza Hut for $2.7 billion, splitting the business between two buyers. LongRange Capital, a private equity firm, will acquire Pizza Hut outside mainland China for about $1.5 billion, while Yum China Holdings will buy the chain’s mainland China business for about $1.2 billion.

The sale follows Yum’s strategic review of Pizza Hut, which began last year after the chain posted its eighth consecutive quarter of same-store sales declines, Business Insider previously reported. At the time, Yum CEO Chris Turner said Pizza Hut needed “additional action” to unlock its full value and suggested that work “may be better executed outside Yum! Brands.”

LongRange is pitching itself as a hands-on operator rather than a financial buyer. In a statement announcing the deal, the firm said it plans to invest in Pizza Hut’s growth and build on its franchise system and global footprint. Yum said Pizza Hut would be “well positioned for future growth” under LongRange and Yum China.

Across the two transactions, Yum expects to receive about $2.3 billion in net proceeds after taxes, closing adjustments, and transaction-related fees, excluding a potential $75 million earn-out by 2030. The company said it expects roughly $85 million in one-time costs to complete the separation.

The deal comes as Pizza Hut faces challenges beyond slowing sales. Business Insider previously reported that Yum planned to close 250 underperforming Pizza Hut locations during the first half of 2026. In May, a Pizza Hut franchisee sued the chain over its Dragontail restaurant management system, alleging it caused operational disruptions and customer service problems. Pizza Hut said at the time it was reviewing the claims and would respond through the appropriate legal channels.

For Yum, the sale sharpens its focus on its other brands: KFC, Taco Bell, and Habit Burger & Grill. For LongRange, it is a bet that operational improvements can revive a chain whose red roof remains iconic while its business has struggled to keep pace with rivals.

Have a tip? Contact this reporter via email at Katherine Tangalakis-Lippert at ktl@businessinsider.com or Signal at byktl.50. Use a personal email address, a nonwork WiFi network, and a nonwork device; here’s our guide to sharing information securely.

• Some Americans are looking to move abroad amid global and domestic tensions, among other factors.
• These 20 countries are ranked as the most peaceful by the Global Peace Index.
• Iceland topped the list as the world’s most peaceful country for the 19th consecutive year.

Amid international conflicts and domestic tensions, some may feel that the US is not the safest place to live right now.

While safety can be a subjective measure, that assessment is not entirely off base: The US is ranked the 134th most peaceful country in the world — falling behind nations like Venezuela, Lebanon, and India — in the 2026 Global Peace Index (GPI).

A Gallup poll released in October 2024 showed that 21% of polled Americans expressed a desire to move abroad, up from 17% in 2023 and 10% in 2011. Some Americans have considered moving overseas due to factors such as crime rates, modern conflicts, work-life balance, the cost of living, and parenting values.

However, Gallup also found that the US was the most desired destination for citizens of other countries.

The 2026 Global Peace Index, which was released in June, evaluated countries across three domains: ongoing conflicts, societal safety and security, and militarization.

For ongoing conflicts, the report looked at both “internal and external conflicts, as well as their role and duration of involvement.” Societal safety and security are evaluated by factors such as homicide rates, political terror, violent demonstrations, and perceptions of criminality. Lastly, the militarization domain consists of a country’s military spending as a percentage of its GDP, weapons access, and other factors.

Here are the 20 most peaceful countries in the world, according to the 2026 Global Peace Index.

20. Australia

Ongoing domestic and international conflict rank: T34

Societal safety and security rank: 23

Militarization rank: 48

Australia was also ranked 14th in US News & World Report’s best countries list, thanks to high scores in its health, governance, and opportunity metrics.

19. Latvia

Ongoing domestic and international conflict rank: 46

Societal safety and security rank: 18

Militarization rank: 51

Latvia was ranked the 12th most peaceful country in Western and Central Europe.

18. Mauritius

Ongoing domestic and international conflict rank: T1

Societal safety and security rank: 60

Militarization rank: 9

The report found that Mauritius was the most peaceful country in Sub-Saharan Africa. The island nation jumped up 11 spots from last year’s ranking and saw improvement across all three GPI domains, with the report citing peaceful political competition and institutional stability as factors.

17. Netherlands

Ongoing domestic and international conflict rank: 16

Societal safety and security rank: 12

Militarization rank: 137

Despite ranking 17th overall, the Netherlands’ militarization rank of No. 137 is the lowest placement for any of the three factors for any of the top 20 countries.

The Netherlands has the 17th largest defense budget in the world, at $29.12 billion, according to the International Institute for Strategic Studies.

16. Bhutan

Ongoing domestic and international conflict rank: 29

Societal safety and security rank: 38

Militarization rank: 4

Bhutan was the most peaceful country in South Asia, according to the report.

Yet the country has the longest average workweek in the world, with its citizens working an average of 54.4 hours per week as of 2024.

15. Hungary

Ongoing domestic and international conflict rank: T23

Societal safety and security rank: 31

Militarization rank: 13

After serving for a total of 20 years, Prime Minister Viktor Orbán lost in his reelection bid in April. Hungary’s parliament recently passed a constitutional amendment that would impose eight-year term limits on prime ministers, Politico reported.

Orbán remains a controversial figure for his support for Russia and far-right positions, such as his opposition to LGBTQ+ rights.

14. Canada

Ongoing domestic and international conflict rank: T34

Societal safety and security rank: T16

Militarization rank: 26

While Canada was ranked the most peaceful country in North and Central America, its score in the societal safety and security domain has dropped by 7.7% since 2008.

13. Czechia

Ongoing domestic and international conflict rank: 22

Societal safety and security rank: 22

Militarization rank: 19

Czechia was also ranked the third-best country for civic health by US News & World Report, thanks to factors such as strong freedom of expression and low income inequality.

12. Malaysia

Ongoing domestic and international conflict rank: 10

Societal safety and security rank: 47

Militarization rank: 2

Malaysia spent just 1% of its GDP on military spending in 2024, per the World Bank. This compares with more than 3% for the US.

11. Denmark

Ongoing domestic and international conflict rank: 20

Societal safety and security rank: 5

Militarization rank: 120

Denmark has previously been ranked the best country in the world for quality of life, based on factors such as cost of living, job markets, and healthcare quality.

10. Japan

Ongoing domestic and international conflict rank: T38

Societal safety and security rank: 4

Militarization rank: 75

Japan also consistently ranks among the countries with the highest life expectancy in the world.

9. Finland

Ongoing domestic and international conflict rank: T47

Societal safety and security rank: 2

Militarization rank: 53

Finland was ranked as the second-most peaceful country on the societal safety and security domain of the GPI.

As well as being one of the 10 most peaceful places in the world, the country has consistently ranked as the happiest country in the world, attracting expats seeking a higher quality of life.

8. Singapore

Ongoing domestic and international conflict rank: 5

Societal safety and security rank: 6

Militarization rank: 126

Singapore, ranked second-most peaceful in the Asia-Pacific region by the GPI, is another popular destination for American expats, including those seeking entrepreneurial economies like Silicon Valley.

The country was ranked in the top 10 in the societal safety and security and ongoing conflicts domains of the GPI, while falling in the lower half of the militarization rank.

7. Portugal

Ongoing domestic and international conflict rank: 13

Societal safety and security rank: 25

Militarization rank: 3

For Americans looking to move abroad, Portugal has emerged as a recent favorite.

A survey of over 116,000 Americans interested in moving abroad in 2024 showed the country as the most requested destination, according to Expatsi, a website with resources for Americans looking to relocate.

The country was ranked third most peaceful in the world in the GPI militarization domain.

6. Austria

Ongoing domestic and international conflict rank: 11

Societal safety and security rank: 21

Militarization rank: 7

Austria has stayed in the top most peaceful countries since the GPI began measuring global peace in 2008.

Vienna, Austria’s capital, has previously been ranked the world’s most livable city and one of the best destinations for expats.

5. Ireland

Ongoing domestic and international conflict rank: 9

Societal safety and security rank: 15

Militarization rank: 8

Ireland ranked within the top 10 countries in the militarization domain and was the fifth most peaceful country overall.

Ireland, known for its stunning landscapes and cultural heritage, has also been a common destination for Americans looking to move.

4. Slovenia

Ongoing domestic and international conflict rank: 19

Societal safety and security rank: 9

Militarization rank: 6

Slovenia, first lady Melania Trump‘s home country, ranked sixth most peaceful in the GPI militarization domain, which considers factors such as military expenditure and weapons exports.

The country is often categorized as a hidden gem in Europe for travelers, thanks to its beautiful landscapes.

3. Switzerland

Ongoing domestic and international conflict rank: 6

Societal safety and security rank: 8

Militarization rank: 25

Housing Geneva, the global “Peace Capital,” Switzerland ranked in the top 10 most peaceful countries in the ongoing conflicts and societal safety and security GPI domains.

Quality of life has been one of the factors driving expats to move there in recent years.

2. New Zealand

Ongoing domestic and international conflict rank: 4

Societal safety and security rank: 14

Militarization rank: 11

New Zealand ranked as the most peaceful country in the Asia-Pacific region, and received one of the top rankings in the ongoing conflicts domain.

New Zealand transplants have cited its family-friendly towns, natural beauty, and outdoor activities as some of the reasons they love the country.

1. Iceland

Ongoing domestic and international conflict rank: 1

Societal safety and security rank: 3

Militarization rank: 1

Iceland was named the most peaceful country for the 19th consecutive year. It ranked first in the ongoing domestic and international conflict and militarization domains of the GPI ranking, but it’s also one of the world’s most expensive countries.

For Americans looking to relocate overseas, Iceland offers the highest level of safety, as well as breathtaking landscapes.

• Air Force tankers have fallen short of readiness standards from 2019 to 2025, according to a new watchdog report.
• Reported problems include parts shortages, maintenance staffing gaps, and insufficient infrastructure.
• Military demand for aerial refueling has surged during recent major combat operations.

The US Air Force’s aerial refueling tanker fleet has fallen short of its readiness goals every year since 2019, a government watchdog found, raising new concerns about a critical part of the US military’s airpower.

According to a new report from the Government Accountability Office, the Air Force’s aging KC-135 Stratotanker and newer KC-46A Pegasus tanker fleets did not meet availability and mission-capable standards from fiscal year 2019 through fiscal year 2025.

Despite having identified “sustainment risks” for the fleet, the Air Force “has not comprehensively assessed these risks or developed a plan to mitigate them,” the GAO report said. Those risks included shortages of critical repair parts, a lack of personnel to maintain the aircraft, and “infrastructure limitations.”

The report noted that the service has taken some steps to remedy those failures but lacks a comprehensive plan to prevent more breakdowns.

Specific “annual availability” figures and “mission-capable rates” for the tanker aircraft were not included in the report; the Pentagon said those rates were too sensitive for public release.

Tankers effectively serve as flying gas stations for other military aircraft, extending their reach. They refuel planes like fighter jets and bombers, which are sometimes tasked with long missions exceeding the capacity of their own fuel tanks, forcing them to depend on tankers to stay in the air.

The report’s findings come as the military has relied extensively on tankers and their skilled crews for last year’s strikes on Iranian nuclear facilities, a major January raid into Venezuela to remove the country’s president, and throughout the war in Iran.

Award citations for half a dozen fighter jet pilots who flew in support of the 2025 Midnight Hammer strikes said that they returned home “critically low” on fuel after encountering an “aerial refueling fallout” early on in the mission.

During the later war with Iran, tankers crucially supported intense combat air operations. Refueling aircraft were damaged amid exchanges of fire, and six US service members were killed in March when their KC-135 Air Force tanker crashed while flying over Iraq.

The KC-135 tanker carries more than 212,000 pounds of fuel, while the KC-46A carries slightly less, at 200,000 pounds. They’re a critical component of American airpower facing readiness problems compounded by incomplete data, the report said.

The air service tracks aircraft availability and readiness rates, but those metrics aren’t detailed enough to specify whether a tanker that can fly can actually conduct its most important job — refueling. Tankers can be counted as “mission capable” as long as the plane can perform at least one assigned mission, and that isn’t necessarily refueling another aircraft.

The service’s KC-135 fleet is growing old. The aircraft first entered service in the 1950s, and new problems arise as the fleet ages. Meanwhile, the newer KC-46A has been plagued by years of production delays and operational challenges, including problems with its refueling boom, which transfers fuel to receiving aircraft, and its remote vision system, a sort of rear-view camera.

The GAO report authors noted that earlier this year, Air Force officials identified “critical deficiencies” with KC-46A systems and more concerns related to manufacturer Boeing’s “quality control procedures,” citing problems with “frequently failing electrical components on the boom, sensors that do not perform accurately, airframe cracks, and other structural issues.”

Military aircraft experts have previously raised concerns about tanker readiness. The refueling problems described in the fighter jet award citations point to a problem the Air Force is “whistling past the graveyard on,” John Venable, a retired Air Force pilot and senior fellow at the Mitchell Institute for Aerospace Studies, told Business Insider last month.

It’s unlikely the Air Force could support a major contingency operation based on the current status of its tankers, Venable said. “It’s a very complicated situation,” he said, but ultimately, “the Air Force does not have enough tankers,” or repair parts, “to be ready for a major fight.”

The Air Force has not responded to Business Insider’s request for comment on reported tanker issues.

• The New York Knicks won their first NBA championship since 1973 on Saturday.
• It’s been a long 53 years for long-suffering New Yorkers.
• Here’s what the Big Apple was like the last time the Knicks were world champs.

Cue the Frank Sinatra song — New Yorkers are on top of the world this week.

After a 53-year-long drought, the New York Knicks are finally able to bring the Larry O’Brien championship trophy to New York City and celebrate with their loyal fans, who haven’t given up in more than half a century.

Here’s what life was like in New York City the last time the New York Knickerbockers were world champs.

The last time the New York Knicks won an NBA championship was in 1973. Here’s the team celebrating their win at City Hall.

Knicks champs Jerry Lucas, Willis Reed, and Bill Bradley celebrated at the airport, too.

There was no ticker-tape parade because the then-mayor, John V. Lindsay, wanted to cut costs and avoid disruptions, calling for smaller celebrations instead.

It was a big year for New York City. The World Trade Center was officially dedicated in April 1973.

The year 1973 was the Year of the Ox. There were street celebrations, much like today.

Source: Lower East Side History Project

Here’s what Coney Island looked like that summer. It remained popular throughout the 1970s, despite the city’s financial crises.

Just like they do today, kids flocked to the carnival games, but they cost 50 cents back then, not $3.

The subway was a little worse for wear in 1973, with many cars covered in graffiti.

One ride cost 35 cents. Now, a subway ride is $3.

The Knicks weren’t the only sports story out of NYC in ’73. Secretariat completed his historic Triple Crown at the Belmont Stakes near Queens.

Also in 1973, the New York Mets reached the World Series in October, despite being in last place in August.

The Knicks played at Madison Square Garden, an iconic venue. In July 1973, rock legends Led Zeppelin recorded a concert film there.

John Lennon was also spotted walking around the city, where he lived until his death in 1980.

While a lot has changed in the city, some things remain the same.

One thing that has remained the same in 53 years? New Yorkers love the Knicks.

• The US imposed export controls on Anthropic’s newest AI models. In response, Anthropic closed access.
• The restrictions could play directly into Mistral’s long-standing AI sovereignty pitch.
• Mistral’s CEO has warned for more than a year that Europe risks becoming dependent on US AI firms.

The White House’s move to restrict access to Anthropic’s newest AI models could hand one of Europe’s leading AI startups exactly the opening it has been preparing for.

On Friday, US officials imposed export controls on Anthropic’s cybersecurity-focused models, Mythos 5 and Fable 5. They cited national security concerns that safeguards meant to prevent misuse of Fable 5 could be bypassed.

The restrictions block any foreign national from accessing the two models. Anthropic responded by suspending access to the systems altogether, creating uncertainty around who ultimately controls access to frontier AI.

The episode has the hallmarks of a scenario Mistral’s CEO, Arthur Mensch, has been warning about for more than a year — and has since made part of his pitch for why people should choose it over models from US firms like OpenAI and Anthropic.

Speaking at London Tech Week in June 2025, Mensch warned about American AI companies “having the keys” for their models, adding that he sees it as European companies “giving leverage to their providers.”

“At some point, you need to be able to turn it off or turn it on, and you don’t want to leave it to another country,” he said.

Sovereign AI

Since then, the French startup has positioned itself around AI sovereignty, the idea that governments and businesses should not become overly dependent on a handful of foreign AI providers.

To do so, it has championed open-weight models that customers can deploy on their own infrastructure and customize using their own data.

“European governments are coming to us because they want to build the technology and they want to serve their citizens,” Mensch said on the “Big Technology Podcast” in January.

Mensch doubled down on his position at a hearing on digital sovereignty and AI at France’s National Assembly last month, warning that Europe has two years to build its own artificial intelligence infrastructure before becoming permanently dependent on American tech giants.

At Mistral’s first-ever summit in Paris that same month, executives, government officials, and enterprise customers repeatedly returned to the same theme: AI sovereignty.

“You need to know where your data is and what happens to your data,” Jan van den Bremen, Accenture’s technology lead across Europe, the Middle East, and Africa, told Business Insider at the event.

While Mistral is widely considered the top AI model provider in Europe, it lags behind the likes of Anthropic in terms of valuation, model capabilities, and user numbers. The French startup was last valued at around $13.6 billion, compared to Anthropic’s $965 billion valuation.

But the Anthropic restrictions make Mistral’s core argument easier to understand: Most of the time, control of AI ultimately lies with the provider and its government.