Pump.fun staff lost millions after layoffs, report claims

Solana memecoin platform Pump.fun reportedly terminated over 40 employees shortly before their token allocations vested. The cuts stripped staff of $PUMP tokens, leaving at least one former employee without a seven-figure payout.

The launchpad fired staff in late March and early April. According to a Sandmark report, the firm obtained internal documents, emails, and audio and video recordings of a meeting. Noah Tweedale, one of the company’s co-founders, explained to employees that the cuts were necessary because the firm “had grown too quickly,” preventing Pump.fun from being “fast and rough.”

Pump.fun stayed silent on the allegations

A “termination of services” email, seen by Sandmark, instructed Pump.fun employees to attend the meeting with Lloyd McCarthy, the firm’s head of talent. Employees who lost their jobs had their agreements terminated in early April, and they were compensated with one week of severance pay for each month of service.

Tweedale and his co-founder, Alon Cohen, did not respond to Sandmark’s inquiries. Pump.fun has not issued any response to the allegations.

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