Yuga Labs, the creator of the Bored Ape Yacht Club NFT collection, has announced a significant restructuring that includes layoffs, acceptance of voluntary departures, and a refocus on a smaller, more agile crypto-native team. The company's CEO, Greg "Garga" Solano, admitted that the $4 billion startup had 'lost its way' and expressed a need to return to basics. This restructuring follows a period of rapid growth, high-profile investments, including a $450 million funding round, and a controversial sell-out to the World Economic Forum. The layoffs have affected various employees, sparking reactions across the community about the impact on those who lost their jobs. Yuga Labs will now focus on game development for 3D Otherside and spin off HV-MTL and Legends of the Mara.
.@yugalabs restructures company, cuts roles to focus on smaller crypto-native team. https://t.co/RJdcf6dJDT https://t.co/rnTdOnc9rk
I was one of those fired from Yuga today. My job was to be in charge of planning the planning team that made plans for future plans. However, I'm pleased to announce that Yuga has re-hired me as the head of the announcement teams. Stay tuned for more announcements.
Yuga Labs will undergo a restructuring, layoffs and accept voluntary departures, and will focus on game development for 3D Otherside. Spinning off HV-MTL and Legends of the Mara (both of which were earlier acquired by Faraway). BAYC reached an all-time high of 153.7 ETH in May…
This is a hard day. Some of the people let go today were very close to me, some I have known for over a decade. I want them to succeed as much as I want Yuga to succeed. To say Yuga’s decision was difficult is putting it lightly, but I know that if we’re going to get back to our… https://t.co/trduWqADoT
We said goodbye to some amazing people today at Yuga. Deeply grateful to have met so many passionated, talented folks and their impact here. There are some marvelous, skilled practitioners that will be looking for what's next. Will do my very best to signal boost those voices.
Much love to all affected by Yuga layoffs ❤️
Some copy pasta stuff is funny and/or effective… I saw some pretty distasteful copy pasta today in regards to getting laid off by Yuga I have to hire and fire people for my company, it’s not fun or easy especially when you know and love the people. I have to let go of a good… https://t.co/9QvO8Di4Q0
So Yuga Labs raises $450M and sells out to the World Economic Forum then lays off their team while all the suckers who bought their NFTs bleed to zero. Did we get that right?
Bored Ape Yacht Club creator Yuga Labs has announced a restructuring effort and layoffs, with CEO Greg "Garga" Solano writing that $4 billion NFT startup "lost its way." Click to read: https://t.co/yLBOkGaeu1
Layoffs hit Bored Apes creator: ‘Yuga lost its way,’ CEO says https://t.co/ShtcajNTI5
The developer of the popular Bored Ape Yacht Club NFT collection is letting go of an unspecified number of employees as it restructures https://t.co/lXj9Ai25YX
Yuga Labs after raising $450M: "we need to do a round of layoffs"
Yuga Labs ‘Lost Its Way’ Says CEO as Bored Ape NFT Maker Reveals Layoffs ► https://t.co/Nmo8LalZdL https://t.co/Nmo8LalZdL
Consider the scale of failure on the part of @yugalabs… If this company hadn’t wasted $20 million on frivolous trademark litigation against me, they wouldn’t be laying off their entire staff today. And now @CryptoGarga the CEO/founder claims we actually helped them? 😂😂😂 https://t.co/tIXSCWF79B
I’m going to deeply miss some incredible creators, builders, and friends that loss their jobs today. I can’t wait to see what everyone does next because it is sure to be really exceptional. In the meantime, Punks team will hope to make you proud with what we’ve built together.
Hey y’all - let’s be good humans and respect the people affected by the @yugalabs layoffs. Being laid off sucks. Laying people off sucks. Keeping your job at a company and seeing your friends get laid off sucks. Now isn’t the time for copy pasta jokes. It’s not funny.
In the wake of the recent news, let's take a moment to stand in solidarity with our fellow community members affected by these difficult decisions. As we navigate through this challenging time, let's be mindful of the impact on their lives and careers. Please extend your support… https://t.co/F3fzLJ6qlR
Hate to see people lose jobs, when companies have to make tough decisions. The good news is the great ones will bounce back in no time. Leadership is difficult. Nearly impossible in the face of outrageous and sometimes uncalled for attacks online. I’ve been forced to bootstrap… https://t.co/Pd7KnlkBqw
tough day for the yuga fam. necessary changes don't make them any less difficult for all involved. we're losing a lot of talented folks who worked hard for yuga and our communities. maybe keep the copypasta polite today guys. https://t.co/vMtHeywCQY
The copy pasta of you being laid off by Yuga is not funny. There are people who were truly impacted by this today and lost their jobs. Let’s show some respect. Wishing everyone the best that was let go. If I can ever help, please reach out 🫶
I love a good copy pasta like any other Ape but please don’t dunk on the community members/ friends who were actually just laid off.
Lmfaoooooo Offering severance package to all employees in a public letter? @yugalabs down horrifically. 😂😂😂😂😂😂😂😂😂😂😂😂 https://t.co/WaHA26RDZj
Wait. Did NFTs bounce on the news that yuga was laying people off?
I just got laid off from @yugalabs I was the guy in charge of brand solutions/recognition and presented this. https://t.co/uvVQli3kJy
JUST IN: @YUGALABS CO-FOUNDER ANNOUNCES COMPANY RESTRUCTURING, SAYS THEY ARE IN "HARD MODE" AND PLANS TO PUT THEM BACK ON TOP
I was just laid off from @yugalabs I was the guy that insisted that everyone enjoys lazy copy pasta engagement.
I was just laid off from @yugalabs I was the guy who told them that Garga wouldn’t make the best god damn CEO in web3.
Yuga Labs restructures company, cuts roles to focus on smaller crypto-native team https://t.co/bBFQUgyPbe
Hey Yuga community, regardless of how you feel about the reduction in force today, please remember that real humans lost their livelihoods today and celebrate wisely. They're reading Twitter too.
To everyone impacted, you have my (and the community's) best wishes. I hope everyone has a soft landing and gets a new exciting opportunity at the earliest. Nothing but utmost love and the very best for those impacted 🙏 https://t.co/a3imqJ4KcR
More Yuga layoffs coming today. Notable quotes from Garga's letter to his team: "Yuga lost its way. Getting ourselves centered and on the right path means being a smaller, more agile and cryptonative team." "Yuga is going from zero to one again..." Sorry to anyone impacted,… https://t.co/U8u18sxn9H
EXCLUSIVE: Polygon Labs COO Michael Blank to step down as the company axes the exec role https://t.co/uO28IpRFlo