TRON (TRX) Latest Acquisition BitTorrent Hires 16 New Employees As 5 Leave
BitTorrent, the pioneer peer-to-peer platform has seen its team grow in the last few months. The platform has hired sixteen new employees while five have left for various reasons.
Tron (TRX), through its founder and CEO, Justin Sun, acquired BitTorrent in June for $120 million. Rainberry Acquisition Inc completed the acquisition.
At the time, BitTorrent acknowledged the new development by posting a message on its official Twitter account on July 23. It stated that the two had joined forces “to build the future of the decentralized internet.”
After the acquisition, TRON and BitTorrent are now the world’s largest decentralized ecosystem.
However, there appears to be a lot of movement on the employee front at the firm. It is not an unusual thing to see shake-ups happening after an acquisition. While that is normal and expected, it is always the reasons behind such shake-ups that attract attention.
16 new employees, 5 exits
There are 49 employees at BitTorrent at the moment. Reports show that the platform has been on the lookout for at least 30 new employees. The management team, however, announced that it had hired 16 more employees since June.
“Excited for more new team members to join us and make our vision a reality!”
The tweet said that the team had seen rapid expansion since Justin Sun completed the acquisition. It also pointed out that the five employees chose to leave in order to pursue other opportunities or to further their education.
Rumors about the exits surface
However, it is emerging that the five employees left due to concerns about Justin Sun’s acquisition of the company. The departures could also be due to fear. There are those who feel that the company is headed in the wrong direction under TRON’s leadership.
Reports show that of the five employee exits, three left voluntarily. However, the company dismissed two from their positions within the company. Two of those five employees who left BitTorrent served as leaders- a General Manager and a Head of Marketing.
It is also emerging that more of the top employees at the company would have left were it not for an 18-month lock-in in their contracts. Those rumored to have been held by the agreement include the chief executive, the CFO, the chief product officer, and the CRO.
It is likely there are concerns from the BitTorrent team of employees, but TRON has stated that it remains committed to the platform’s ideals. A representative of the blockchain was quoted as saying that:
“Tron is committed to the BitTorrent product and user community. We have been growing rapidly since the acquisition, as one family, to meet our vision for a decentralized future.”
BitTorrent wrote on its blog that it would continue its operations from TRON’s offices in San Francisco. These offices form a crucial link as a center of operations for Justin Sun and Tron Foundation as they push for expansion into the global market.
Earlier, the TRX founder highlighted what plans he had for BitTorrent as a way of integrating it into the TRX token into an ecosystem.
He said that his team was focused on Project Atlas, with collaboration from BitTorrent. It is one of the main steps that could see them move closer to a fairer Internet. The project will benefit BitTorrent in many ways, he said.
Some of the ways it would be beneficial include extending the lifespan torrent swarms, rewarding peers; revamp the torrent ecosystem by infusing resources into it and establishing a financial rewards system.
Even as all this happens, we are likely to see a few more exits and a lot more incomings in terms of employees at BitTorrent. And with the company selected as one of the 27 Super Representatives, rapid expansion and growth are just one of the things to anticipate.