While bear markets may weed out bad actors, they also force existing players to rethink their business strategies to offset resultant losses. For example, Bybit has announced mass layoffs for the second time in 2022.
Ben Zhou, co-founder and CEO of Bybit, announced a reorganization plan amid the prolonged bear market — one that involves a steep reduction in the company’s workforce. The “planned downsizing” will affect employees across the board: