Aptos founder leaves for ‘mental health break’ after six-figure vesting
Aptos Labs co-founder Mo Shaikh has announced his resignation as CEO, stating that he will take “much-needed time to reflect on where the world is headed and to think deeply.” He has seemingly timed his exit perfectly, leaving just after his mid-six-figure compensation package vested. Shaikh co-founded the APT coin-supporting company three years ago with Avery Ching who will succeed him as CEO. Since its launch, Aptos has raised $400 million in venture capital funding. During 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 company to take a mental health break.Unbelievable— Cold (@Cold_xyz) December 19, 2024In his announcement, Shaikh comforted his former coworkers while conveniently failing to mention his compensation package. “I will always remain a champion of Aptos,” he swore. Aptos founder’s well-timed bull market exit Prior to Aptos Labs, Shaikh worked at a crypto division under Meta (Facebook) that was involved with now-discontinued or jettisoned projects Novi, Diem, and Libra. Aptos’ platform utilizes the Move programming language, originally created for the Diem (Libra) cryptocurrency proposed by Mark Zuckerberg. APT is down 15% over the past 24 hours and -26% over the last week.Read more: Aptos token launches to major dump, here’s why we saw it coming Shaikh’s departure marks a significant change in leadership at Aptos. APT is down 15% over the past 24 hours and -26% over the past week. The coin is languishing 47% below all-time highs. His payday and departure coincided perfectly with the peak of the recent crypto bull market that took bitcoin above $100,000 for the first time in history. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.