Tiger Global marks down stakes in BAYC, OpenSea: Bloomberg

Tiger Global reportedly marked down stakes in Bored Ape Yacht Club and OpenSea by 69% and 94% respectively, according to Bloomberg. 

Tiger Global manages around $50 billion. It recorded an 18% paper loss in its largest fund at the end of September, the report states. 

Both OpenSea and BAYC parent company Yuga Labs cut jobs as part of restructuring earlier this fall. Yuga’s cuts impacted US teams, leaving over 120 employees at the company. Yuga, in March 2022, was valued at $4 billion.  

OpenSea cut around 50% of its workforce, a spokesperson confirmed to Blockworks at the time. The cuts came after a round of layoffs last year which saw the NFT marketplace slash 20% of its…

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