‘We got shafted’: Bolt employees vent frustrations after $11 billion tech startup axes jobs

'We got shafted': Bolt employees vent frustrations after $11 billion tech startup axes jobs

May 26, 2022 by Fortune

Key Facts

  • Skip to Content ‘WE GOT SHAFTED’: BOLT EMPLOYEES VENT FRUSTRATIONS AFTER $11 BILLION TECH STARTUP AXES JOBS May 26, 2022 11:33 AM UTC Check-out payments startup Bolt Financial is shedding around a third of its workforce, or around 250 employees, as the tech sector continues its turn for the worst.
  • The news of layoffs comes just months after investors valued the San Francisco-headquartered payment company at $11 billion and Bolt was handing out pay raises to some of its employees in annual reviews.
  • TROUBLE AT THE START UP At the start of the year when Bolt was at its peak valuation, the company offered to provide loans to its employees to purchase more shares in the fintech start-up through a scheme that the chief executive at the time, Ryan Breslow called the "most employee-friendly stock option program possible."
  • Bolt has also run into more trouble lately, as the company is embroiled in a lawsuit from its most prominent customer, Authentic Brand Group—the owner of Brooks Brothers, Forever 21, and Reebok—which claimed its technology did not work as promised.

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