Blockchain network developer Ava Labs shocked the public yesterday with a large-scale layoff. According to Garrison Yang, Vice President of Growth and Strategy at Ava Labs, many people in the company’s marketing department were laid off in this wave of downsizing. Another former member of the game marketing team who was laid off also mentioned that many people were affected by the layoffs. It is currently unclear whether this wave of layoffs has affected the company’s technical team.
It is reported that many employees believed that the market was approaching a turning point, as the severe bear market had already passed. However, the sudden layoffs caught many employees off guard.
Ava Labs’ founder and CEO, Emin Gün Sirer, confirmed the news shortly after it broke, stating that the company had terminated contracts with 12% of its employees (exact number unknown). This will allow the company to reallocate resources to double down on investment in the company and the growth of the Avalanche ecosystem. Emin Gün Sirer stated: