Billionaire Mike Novogratz May Cut 20% of Workforce at Galaxy Digital – Signs of Bear Market?
Mike Novogratz. Source: a video screenshot, Bitcoin Magazine / YouTube Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings , could let go of up to 20% of the workforce amid the market downturn . Crypto exchange BitMEX has also reduced its staff. According to a report by Bloomberg, there is no official plan for a workforce reduction at Galaxy Digital yet – rather, it is still being considered and developed, meaning that the final number of fired workers is still unknown. The report did say, however, that, “The final number could be in a range of 15% to 20%, according to people familiar with the matter.” The company reportedly has 375 employees across the world, per the data at the end of the second quarter, meaning that 75 people could possibly be fired. Galaxy’s spokesperson Michael Wursthorn was quoted as saying that, “We are always considering optimal team structure and strategy a...