developer Immutable lays off 6% employees despite growth claims
NFT game Gods Unchained developer Immutable recently laid off 20 employees. The startup claimed the company is in a “fantastic position” but the dismissal of the staff members makes it look suspicious, CNET reports.
Based on the sources, the company held a meeting on Monday 25 July attended by chief studio officer Justin Hulog and CEO James Ferguson. The staff on leave were also given a 24-hour notice to attend the emergency Google meeting during which the CEO laid off certain employees.
The CEO announced the layoffs and assured them that the company was doing well. After that, the HR and manager held a one-person meeting with each member to tell them whether they are safe or dismissed.
According to CNET, the majority of the dismissed employees belonged to the Gods Unchained development team.
The company offered the dismissed employees the option to choose alternate roles that were completely unrelated to their profession.
The news of employee layoff is quite shocking because just recently Immutable held a successful funding round with a $2.5 billion valuation. Despite the layoffs, the Gods Unchained developer has shared growth plans to expand its business further.
The crypto bear market has brought many crypto startups and companies to the ground. Some went bankrupt while others are shrinking their teams by laying off employees, including OpenSea, Coinbase, and other leading Web3 firms.
Will Immutable survive the crypto winter? The representatives claim they are thriving in the market.