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Billionaire Mike Novogratz May Cut 20% of Workforce at Galaxy Digital – Signs of Bear Market?

08/12/2022

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Billionaire Mike Novogratz May Cut 20% of Workforce at Galaxy Digital – Signs of Bear Market?

Michael Novogratz, the founder of the US-based crypto monetary providers agency Galaxy Digital Holdings, may let go of as much as 20% of the workforce amid the market downturn. Crypto trade BitMEX has additionally lowered its employees. 

According to a report by Bloomberg, there is no such thing as a official plan for a workforce discount at Galaxy Digital but – slightly, it’s nonetheless being thought-about and developed, which means that the ultimate quantity of fired employees continues to be unknown.

The report did say, nevertheless, that,

“The final number could be in a range of 15% to 20%, according to people familiar with the matter.”

The firm reportedly has 375 workers the world over, per the info at the top of the second quarter, which means that 75 folks may probably be fired.

Galaxy’s spokesperson Michael Wursthorn was quoted as saying that,

“We are always considering optimal team structure and strategy and will share future plans when finalized. While our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption, and on enhancing long-term shareholder value.”

Galaxy Digital is scheduled to report third-quarter earnings outcomes on November 9. But it clearly hasn’t been easy crusing. The shares dropped a whopping 70% this yr, and it noticed its losses greater than double in Q2 from a yr earlier. This loss, mentioned Bloomberg, is “due to unrealized losses on digital assets and on investments in its trading and principal investments businesses.”

Furthermore, Novogratz backed Terraform Labs, the corporate behind Terra/LUNA, which noticed an enormous collapse, pulling the market down and drawing the attention of the regulator (much more) in the direction of the crypto sector, significantly stablecoins.

“With hindsight, looking at Luna, you can’t offer people 18% interest, as they did with Anchor, and not have the world all run into yours,” Novogratz mentioned in June, referring to the Terra-based lending and borrowing protocol that (in)famously supplied customers yields of as much as 20% on terraUSD (UST) deposits.

Then in October, Novogratz mentioned he anticipated to see “a rough few months of markets that are pricing in tremendous amount of bearishness” on account of inflation and geopolitical dangers.

Also in October, the American billionaire and investor argued that bitcoin (BTC) would possible see a breakout as soon as the US Federal Reserve Chair Jerome Powell “offers up the battle towards inflation.”

At 11 UTC on Wednesday morning, BTC was buying and selling at USD 20,408. It was down 1% in a day and up practically 2% in per week. 

BitMEX lowering its workforce by 30%?

Galaxy Digital can be removed from the one firm to let go of an element of its workforce amid the continued market downturn.

Crypto trade BitMEX has reportedly lowered its workforce lately, although it’s unclear by how a lot. This has occurred because it “pivots back to focusing on derivatives trading,” CoinDesk reported

It cited a spokesperson who, it mentioned, “dismissed a report suggesting that 30% of its staff had been let go.”

The Block reported {that a} spokesperson initially mentioned that 30% of the workforce was affected by the cuts, however clarified later that the determine is decrease, with out specifying additional.

Per the spokesperson,

“We are going to refocus on liquidity, latencies and a vibrant derivatives neighborhood together with BMEX Token buying and selling. […] As an undesirable consequence, we needed to make modifications to our workforce.”

The discount follows the departure of CEO Alexander Höptner at the top of final month.

Meanwhile, amongst a quantity of corporations letting go of their employees, in June, crypto lender BlockFi CEO Zac Prince introduced that “after taking significant time to plan and consider, we are reducing our headcount by roughly 20%.” 

Also in June, main crypto trade Coinbase mentioned it will scale back its workforce by round 18% to be able to reduce bills and enhance effectivity forward of a doable recession. “The Plan involves a reduction of the Company’s workforce by approximately 1,100 employees,” it mentioned at the time.

Exchange Crypto.com determined to chop nearly 5% of its workforce, or about 260 workers, that month, to be able to “guarantee continued and sustainable progress for the long run” amid the market downturn.

Crypto trade FTX, in the meantime, claimed that it was not going to decelerate hiring new workers regardless of the adversarial market circumstances, and only recently, at the top of October, main crypto trade Huobi Global denied mass layoff claims and allegations that two of its high executives have resigned.

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Compiled by Coinbold

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