Coin Edition -
- Magic Eden announces the dismissal of 22 staff members due to company-wide restructuring.
- The reduction in the workforce was part of the crypto economy’s continuing struggle with the harsh winter.
- The CEO and co-founder of Magic Eden, Jack Lu tweeted about the profound contribution of the departing employees to the MagicEden.
Magic Eden, the leading Solana NFT platform, has announced the layoff of its 22 staff members. As the crypto economy continues to struggle with the harsh winter, MagicEden cited the company-wide restructuring as the basic reason for the dismissal of the employees.
Today is a sad day at Magic Eden. As part of a company-wide restructuring, we have made the difficult decision to part ways with 22 teammates. Nothing about this decision takes away from the talent, hardwork and dedication of this incredible group of people. pic.twitter.com/2LAGfK9dMV— Jack Lu (@0xLeoInRio) February 14, 2023
We are deeply grateful to these folks — each of them has contributed immensely to Magic Eden over the last year. We will be honoring them and their contributions with the utmost care and respect. We were able to speak with each person 1:1 before sharing this news publicly.
As per the recent letter shared by Jack Lu in the thread, the impacted employees would be taken into consideration. Jack Lu also mentioned that Magic Eden’s priorities for 2023 facilitated paying more attention to the organizational structure and the roles of the employees.
Furthermore, Jack Lu added that the platform’s focus areas for 2023 include the development of services for NFT creators, facilitating growing traction across chains, and the exploration of new cases including rewards and social experiences.
According to the shared letter, Magic Eden would provide the employees with two months’ severance pay, eliminate the one-year vesting cliff for stock alternatives, and extend the exercise period to one year. The platform would also allow employees to keep their company laptops.
The letter also declared that the platform would cater to the healthcare needs of the employees for the next six months and allows a year’s subscription to Headspace. In addition, the company has also decided to provide “complimentary career coaching and job placement services” to the departing employees.
Even though the layoff had impacted Magic Eden tremendously, Jack Lu looks into a more optimistic future. Jack Lu stated:
This week, we will focus our energy on helping the people who are transitioning from Magic Eden. Next week, we will reset and move forward.
In conclusion, Jack Lu stated that it was necessary to make adjustments within the team to address the strategic goals of the platform with clarity and precision.
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