Cutbacks at Yuga Labs
Bored Ape Yacht Club creator Yuga Labs has announced a restructuring that has seen several roles “eliminated across the company.”
The exact number of layoffs hasn’t been specified, however, in an Oct. 6 blog post shared via X ( formerly Twitter), Yuga Labs CEO Daniel Alegre suggested the firm had taken on too many projects that were ultimately distracting it from its “core priorities.”
Yuga Labs is announcing a restructuring that will better focus our team on our core priorities. While certain roles have been impacted, these changes are necessary to evolve as an organization.
For more see a note written by @dalegre on our https://t.co/722YfqwaCB official blog.— Yuga Labs (@yugalabs) October 6, 2023
“I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies,” he said, adding that:
“To create truly amazing experiences that matter to our communities and our business, we need to place our bets on fewer key initiatives and team up with complementary external partners to make these experiences happen.”
Moving forward, Alegre outlined that the firm will ramp up its focus on community building, “going all-in” on its Otherside metaverse project and securing brand partnerships.
