Pump.fun Lays Off Over 40 Employees Ahead of $PUMP Token Unlock

Pump.fun, a Solana-based platform for creating memecoins, has laid off over 40 employees in the past two months. The dismissals occurred in two rounds: one in early April and another in July, with affected staff ineligible for token allocations reportedly worth millions of dollars.

The layoffs came ahead of the first vesting unlock of the platform's $PUMP token. According to a report by Sandmark, co-founder Noah Tweedale said the company had grown too quickly, making it harder to move swiftly on projects.

Pump.fun has reportedly generated $1.3 billion in cumulative revenue and is posting approximately $1 million in daily profit. However, the company recently faced a fine after missing a deadline to file accounting reports with UK authorities.