Pump.fun Laid Off Employees Before PUMP Token Vesting: Report

Pump.fun laid off employees in early April, about two months before the vesting date for its PUMP token, according to a report by Sandmark. The report said at least one former employee lost a token allocation valued at more than $1 million as a result of the job cuts.

During an internal meeting, Pump.fun co-founder Noah Tweedale told employees that the company had “expanded too quickly,” according to the report.

Sandmark also cited former employees as saying the platform carried out another round of layoffs in mid-July, bringing total workforce reductions over the two months to more than 40 employees. 

The report said Sandmark could not independently verify the reported number of layoffs. Pump.fun’s co-founders did not respond to requests for comment.

As of publication, Pump.fun’s PUMP token was trading at $0.002044, up 4.7% over the previous 24 hours.

Source: Sandmark