Bored Ape NFT creator announces organizational shift, lays off employees

Bored Ape NFT creator announces organizational shift, lays off employees
27 Apr 2024

Yuga Labs Inc, the company behind the popular NFT collection, Bored Ape Yacht Club, is laying off an undisclosed number of employees during a restructuring phase.

The CEO, Greg Solano, also known as "Gargamel," announced the move on X, stating that he was "hellbent" on transforming the firm, which involved making tough decisions.

Solano noted, "by far the hardest is saying goodbye to some talented team members."

Post included excerpts from an internal communication
Future direction

Solano shared excerpts of a message he claimed to have sent to staff, indicating that those affected were asked to attend a meeting later in the day.

He also stated, "Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile and cryptonative team."

A representative from Miami-based Yuga Labs confirmed Solano's post but declined to comment further.

Solano assumed CEO role in February
Fact

The restructuring marks the most recent significant shift for Yuga. Solano, one of Yuga's co-founders, resumed the position of CEO in February. Upon assuming the role, he expressed his aim to steer the company back to its origins in cryptocurrency.

Yuga Labs has faced several obstacles
Setbacks

Having raised $450 million at a $4 billion valuation in 2022, Yuga Labs has faced several obstacles over time.

The company encountered backlash over a controversial token project and was sued by investors, who alleged they were misled into buying Bored Ape NFTs by celebrity endorsers who didn't disclose their paid affiliations.

Additionally, Yuga has experienced delays in launching its anticipated Otherside video game, inspired by the Bored Ape universe.