Mike Novogratz’s company, Galaxy Digital, plans to lay off about 20% of its staff.
The company seems to be following in the footsteps of many companies involved in the crypto industry.
Galaxy Digital Goes to Layoffs
According to Bloomberg’s report, the crypto-focused financial services company is investigating laying off about 20% of its employees.
Shares of the company have lost more than 70% this year. This is not surprising, given the massive disruptions in the crypto markets. The leading cryptocurrency Bitcoin is about 70% behind the ATH level.
Novogratz faced a backlash after the collapse for praising the Terra project earlier this year.
Galaxy Digital also reduced its workforce by 15% during the market crisis in 2020. However, the company managed to recover with the rise of crypto in 2021.
Novogratz’s personal wealth hit $8.5 billion in late 2021.
Despite the major correction, Novogratz reiterates his long-term confidence in cryptocurrencies at every opportunity. Novogratz stated that the value of Bitcoin could reach a price of $ 500,000 in a few years.
However, Novogratz thinks that the crypto industry will not enter the recovery phase unless the Fed abandons its aggressive interest rate policy.
