CoinDesk Fires 45% of its Editorial Staff
CoinDesk has undergone a significant downsizing, reducing its editorial staff by 45%. This decision comes as its parent company, Digital Currency Group, prepares to onboard strategic investors.
The announcement of these layoffs was made internally on Monday via a memo.
CoinDesk CEO Kevin Worth conveyed in the message that this step was necessary for ensuring the company’s financial stability going forward and to facilitate the impending sale of CoinDesk Inc. The media company is letting go of 20 employees, amounting to 45% of its editorial team, and constituting a 16% reduction in the total workforce.
In late July, The Wall Street Journal reported on a potential $125 million deal involving a syndicate led by crypto investor Matthew Roszak of Tally Capital.
This deal would see Digital Currency Group maintaining ownership in CoinDesk while also retaining a stake in its diversified offerings, including events, data, and indexes. Notably, Digital Currency Group initially acquired CoinDesk for $500,000 in 2016.
