dYdX has laid off more than 1/3rd of its staff.
Background
- CEO Antonio Juliano indicated that a new company direction was the need of the hour
- The executive stepped down from his position in May this year
- He rejoined as CEO of the firm on Oct. 10
Why should you pay attention?
- In a recent post made earlier this month, the company executive pointed out that dYdX has had a “challenging year”
- He specifically highlighted the tough competition and the tough market conditions
- It was at that time when he underlined the need to “revitalize” the company to steer clear of fading away
- The latest decision to let go of staff is a step in that direction
Who said what?
- Commenting on the layoffs, Juliano said,
“Today, I made the incredibly difficult decision to lay off 35% of the dYdX core team. We now have the team we need going forwards”
- He added,
“The decision to let go was a realization that the company we’ve built is different from the company dYdX must be. We will move forward with clarity and renewed passion. We will create amazing things”
Zooming out
- In other related news, Consensys also kickstarted its restructuring by shrinking its workforce by more than 20% today
- According to CEO Joe Lubin, 162 employees were affected by this decision
- “Long-term financial sustainability” was the key trigger factor
- The firm is looking to become a “smaller, much more agile organization” that would be in a better position to tap on “broad and deep capabilities”
- Contextualizing how the current market cycle is different from previous ones, a community member took to X to say:
