Yuga Labs experienced significant leadership turmoil alongside layoffs. CEO Daniel Alegre lasted less than a year before co-founder Greg Solano returned in February 2024. Solano's April 2024 memo acknowledged "the creative-first spirit that drove this company from its inception has been getting muddied" and described shifting from "playing on easy mode" (when they raised $450M in 2022) to "hard mode." The company remains under-resourced relative to its project load according to leadership communications.
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Yuga Labs
Yuga Labs, creator of Bored Ape Yacht Club, executed layoffs in October 2023 and April 2024. CEO Daniel Alegre (former Activision Blizzard CEO) led the October 2023 cuts as part of a pivot to metaverse gaming; the company had ~120 US employees after. In April 2024, co-founder Greg Solano returned as CEO and announced additional layoffs, stating "Yuga lost its way" and the company was struggling under "labyrinthine corporate processes." Bored Ape NFTs had lost ~90% of value from 2022 peak.
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Yuga Labs — Layoffs: OPPOSED Yuga Labs, creator of Bored Ape Yacht Club, executed layoffs in October 2023 and April 2024. CEO Daniel Alegre (former Activision Blizzard CEO) led the October 2023 cuts as part… https://reciepts.tech/stance/1684
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See all →Yuga Labs Social Lead Shpend Salihu resigned on November 5, 2023 after past racist and antisemitic tweets resurfaced. He admitted the posts were "a distraction from the Club." NFT community members criticized the company for inadequate social media vetting during hiring. Separately, artist Ryder Ripps alleged BAYC imagery contained "dehumanizing" racial elements and "Nazi dog whistles." Yuga Labs (whose founders are Jewish, Turkish, Pakistani, and Cuban) denied these allegations and sued Ripps for trademark infringement.