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Dapper Labs Laying Off Another 20% of Its Staff
The job cuts follow a previous 22% workforce reduction in November.
Dapper Labs is letting go of another 20% of its staff, the company's CEO Roham Gharegozlou said in an email to investors Wednesday.
The Block first reported the news.
STORY CONTINUES BELOW
In the note, Gharegozlou announced a corporate restructuring and said that “as part of this restructure, we have made the difficult decision to part ways with team members representing 20% of full-time employees," he wrote.
Gharegozlou also noted that the company is in a “strong cash position with no outstanding debt.”
Dapper had previously laid off 22% of its staff in November.
"With the right cost structure, we can think long term," Gharegozlou wrote. "Our goal is to grow our communities sustainably."
He added: "The shift we’ve undergone over the past several months has not been easy, but it was necessary to get us in fighting shape for the path ahead."
On Monday, a federal judge ruled that Dapper’s NBA “Top Shot Moments” non-fungible tokens could be considered securities. Gharegozlou wrote in his note that the case would not be going to discovery and that no "substantive decision" had been made.
UPDATE (Feb. 23, 2023, 22:51 UTC): Adds comments from Dapper Labs CEO about recent changes and court decision.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
