Greg Solano, the co-founder and newly-returned CEO of Yuga Labs, recently announced the firm’s reorganization plans through a series of tweets and postings on Slack. The aim of this reorganization is to establish a smaller and more agile workforce that aligns with the principles of the crypto industry.
Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFTs, has been experiencing changing market conditions. Following last year’s layoffs, another wave of job cuts is part of the reorganization strategy. While the exact number of affected jobs was not disclosed, the objective is to significantly reduce staff to improve operational efficiency.
Solano’s goal is to bring the company back to its roots, when it was a lean and efficient team capable of making quick decisions. By reducing the challenges caused by rapid expansion and refocusing on critical initiatives aligned with the company’s core goals, Yuga Labs aims to regain its status as an innovative firm.
Yuga Labs had undergone significant growth, raising $450 million in March 2022 and reaching a valuation of $4 billion. However, the decline in ApeCoin’s value and the overall negative trend in the NFT market have necessitated this reorganization.
In today’s crypto news, the question remains whether Bitcoin bulls will overcome the current challenges they face.
