Layoffs hit Bored Apes creator: ‘Yuga lost its way,’ CEO says

Yuga Labs CEO announced a round of layoffs Friday. The company has "lost its way," he told employees in an email. Yuga Labs' marquee product, the Bored Ape NFT collection, has steadily declined in value since its high in 2022. When Yuga raised $450 million in 2022, the company was profiting from royalties on secondary sales of Bored Apes.