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.”

In 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.

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