Yuga Labs, the $4 Billion USD startup behind Bored Ape Yacht Club and other major NFT projects, announced on Friday that it has restructured the company and eliminated certain positions as a result, leading to layoffs.
In a team email that was also shared publicly, Yuga Labs CEO Daniel Alegre wrote that he believed the startup had taken on too much internally, and that the company needed to refocus while netting more external partners in the process.
Alegre did not specify how many people were affected by the layoffs, and Yuga Labs representatives declined to clarify the figure. In his post, Alegre wrote that the restructuring only impacts United States-based employees for now and the company is still evaluating its international team.
Yuga Labs co-founder Greg Solano wrote in his tweet that their team still consists of more than 120 employees. In November last year, Yuga Labs said that they had more than 100 global permanent employees after acquiring WENEW.
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