MoonPay, an emerging payment service provider, was reported by foreign media that more than 40 employees have resigned and more than 50 employees have been employed for less than 10 months. However, MoonPay insists that there have been no layoffs.
MoonPay employees: Don’t issue layoff announcement for fear of damaging image
The Block analyzed LinkedIn data and found that at least 40 employees have been fired or resigned in the past six months, and since the beginning of last year, the average tenure of more than 50 people has been less than 10 months. The affected departments include internal design, engineering, security, Products, customer service and human resources.
MoonPay raised US$555 million at a valuation of US$3.4 billion in November 2021. Participants included Justin Bieber, Snoop Dogg, Bruce Willis and many other celebrities. According to the New York Post, after the financing, MoonPay co-founder and CEO Ivan Soto -Wright also bought a Miami mansion worth $38.5 million and is often photographed socializing with celebrities.
More on the relationship between YugaLabs and MoonPay: CNN Special Topic｜Celebrities, YugaLabs and payment companies deliberately hype up boring apes to enrich their own pockets (1)
Ivan Soto-Wright mansion｜Source: nypost
People familiar with the matter said that MoonPay has continued to lay off employees in the past six months. Former employees pointed out that MoonPay believed that the news of layoffs would affect the public relations image that it cared about very much, so it did not make any announcements. It says:
The only thing executives care about is not getting negative coverage of their company in the media, and MoonPay is very good at creating the narrative they want around an issue.
Although MoonPay suppressed the news of layoffs, there were many negative comments on the workplace review platform Glassdoor, including "No matter how hard you try, you will not succeed", "Your manager will not support you", etc., with a total rating of 3.3 stars. .
MoonPay: Total headcount continues to grow
MoonPay responded to The Block that since March last year, the number of full-time employees has increased from 190 to 279, and new leadership and senior executives have also been replaced, and the company will continue to recruit in the future.
Regarding the news of layoffs, he said lightly:
The company is committed to performance management and retaining only the best talent, and MoonPay always strives to ensure that the team is organized in the best possible way to maintain high standards.
Learn more about the relationship between YugaLabs and MoonPay: CNN Special Topic｜Celebrities, YugaLabs and payment industry are deliberately hyping up boring apes to enrich their own pockets (2)
This article was exposed by MoonPay. Worried about damage to its image, it suppressed the layoff announcement, and the official denied it. First appeared on Chain News ABMedia.