Mojo, the sports betting startup co-founded by a group including Alex Rodriguez and Marc Lore, laid off 20% of its staff yesterday. Business Insider first reported the news, which SBJ confirmed through a source. The cuts targeted consumer-facing departments.

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Mojo could not be reached for comment.

Founded in 2020 and launched as a regulated sportsbook in N.J. in 2022, Mojo refers to itself as a “sports stock market,” where users can invest in athletes’ individual performance. To date, the company has raised over $100M from institutional and angel investors, including a $75M Series A in March 2022 led by Thrive Capital…

As of November 2022, the company had 95 full-time employees, according to Business Insider.