Aptos Labs co-founder Mo Shaikh has introduced his resignation as CEO, stating that he’ll take “much-needed time to reflect on where the world is headed and to think deeply.”
He has seemingly timed his exit completely, leaving simply after his mid-six-figure compensation bundle vested.
Shaikh co-founded the APT coin-supporting firm three years in the past with Avery Ching who will succeed him as CEO. Since its launch, Aptos has raised $400 million in enterprise capital funding.
Throughout his “much-needed time to reflect,” Shaikh plans to dial in as a strategic advisor for Aptos, “continuing to support the company’s mission and growth.”
24 hours into the bear market and the Aptos co-founder capitulates his firm to take a psychological well being break.
Unbelievable
— Chilly (@Cold_xyz) December 19, 2024
In his announcement, Shaikh comforted his former coworkers whereas conveniently failing to say his compensation bundle. “I will always remain a champion of Aptos,” he swore.
Aptos founder’s well-timed bull market exit
Previous to Aptos Labs, Shaikh labored at a crypto division below Meta (Fb) that was concerned with now-discontinued or jettisoned tasks Novi, Diem, and Libra.
Aptos’ platform makes use of the Transfer programming language, initially created for the Diem (Libra) cryptocurrency proposed by Mark Zuckerberg.
APT is down 15% over the previous 24 hours and -26% over the past week.
Shaikh’s departure marks a big change in management at Aptos. APT is down 15% over the previous 24 hours and -26% over the previous week. The coin is languishing 47% beneath all-time highs.
His payday and departure coincided completely with the height of the latest crypto bull market that took bitcoin above $100,000 for the primary time in historical past.
