Breaking News- Yuga Labs cuts employees, focuses on metaverse extension amid restructuring.

#YugaLabs CEO Daniel Alegre announced a company restructuring and workforce reductions in a Friday memo. 

"After a recent period of thoughtful consideration, I have decided that we need to restructure the Yuga Labs teams," Alegre wrote in a blog post. "The implication of these changes is that a number of roles have been eliminated across the company, impacting some of your colleagues."

"When I joined Yuga six months ago, my first priority was to lay out a clear vision that focused our team on the creative #storytelling and #community building that is at the core of Yuga," Alegre added. "I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies."