For the last few months, we have been noticing a kind of trend in almost every single industry in the entire world which is of laying off employees. Well, it is not that it did not happen previously but recently it has been on the Rise and it is visible in almost every single sector that people are employed in.
Almost every major MNC which you know up have been involved in laying off employees in a recent couple of months for sure and there are a lot of such companies which maybe did not require to do that but they even though did so without giving any proper reasons as well and one of the most affected is the IT domain.
The shocking news that is coming about the same thing is from polygon this time. Polygon labs which is the operator of the protocol that is used by the developers to make transactions quicker and cheaper they have now led 20% of their entire workforce just a couple of days back. Altho polygon had significant confidence from the market and its project and its goals were usually appreciated by a lot of people and the investment that is done in it is also quite significant.
Polygon had 500 full-time employees and their assured that every employee that has been laid of will be paid 3 months of severance pay regardless whatever their level is or the tenure that they had in the company. Although they have not completely stated the clear reasons of this action because even now they have a very healthy balance sheet which is worth more than 250 million.
They have now combined all of their business units together and they have Now announced the restructuring which is now unifying all of the employees under a group of companies which is now going to be referred to as Polygon Labs. Polygon is spread in a big field it is involved in an open-source blockchain which also has its NFT marketplace, as well as it, is also involved in gaming and metaverse too. Previously every single one of them used to operate under a different entity but now they are all going to be combined and will be operating under a single company which is namely now known as Polygon Labs.
The company of states it that this structuring has been the primary reason for laying of the workforce that they have laid off right now but apart from this there has been no clear kind of reasoning that they have given. The shocking factor is that just the last year they raised $450 million in a private token sale which has been helping them in expanding quite a lot and also enable them to collaborate with Global companies on various projects as well.
This is quite sad news for sure because polygon was really looking very amazing and it was quite promising as it was told by a lot of investors as well as the audience that was inclined towards it was really overwhelming. It is going to be very interesting to see how the public is going to react in the coming weeks.
What is your take on the entire matter ?
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