Immutable X developer lays off 11% of staff

Australian company Immutable (the company that developed Immutable X) is laying off 11 per cent of its staff, according to the Sydney Morning Herald. Immutable CEO and co-founder James Ferguson said the layoffs were driven by the need to maximize the duration of its cash reserves and focus its resources on the most important projects. James Ferguson said in a note to employees that Immutable earned $27 million in the past fiscal year but spent $83 million. An Immutable spokesman told the Sydney Morning Herald the company had $280 million in cash on its balance sheet, which would last four years at the current rate of spending.