Ava Labs Has Announced A 12% Reduction In Its Workforce.

Ava Labs, the company behind AVAX, has announced a 12% reduction in its workforce. This announcement came from Ava Labs CEO Emin Gün Sirer. Sirer stated, "Bear markets can be challenging. However, we are fortunate to have sufficient resources to navigate through these tough times."

Ava Labs, a recognized organization with the Avalanche blockchain and its own token, AVAX, has decided to downsize during the bear market. The company has announced a 12% reduction in its workforce.

Emin Gün Sirer, the founder and CEO of Ava Labs, stated in a tweet that this restructuring would help the company reallocate its resources. Sirer said, "We are no longer a 12-person startup, but we are still working with the same energy."

Today we parted ways with some of our Ava Labs team members. We are no longer a 12 person startup, but we strive to capture the speed and energy of a small, nimble team.

This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the…

— Emin Gün Sirer🔺 (@el33th4xor) November 7, 2023

Ava Labs acknowledges that bear markets can be challenging, but they emphasize having the necessary resources and strength. Sirer also mentioned that they would allocate these resources to the Avalanche ecosystem and expressed gratitude to everyone contributing to Ava Labs.

Ava Labs, which employs approximately 330 people, is estimated to have parted ways with around 40 individuals.

In recent times, the Federal Reserve's (Fed) monetary tightening policy has significantly reduced the liquidity of investor groups, and the unemployment rate in the United States has been reported as 3.9%.