TLDR Tech / Fintech
Bolt cuts 30% of staff to pivot toward AI
Bolt laid off roughly 30% of its workforce, continuing a series of cuts as it restructures around an AI-first operating model under returning CEO Ryan Breslow. The move reflects broader fintech trends of aggressive cost reduction and automation, following a steep valuation drop from $11 billion in 2022 to as low as $300 million. The company is aiming to stay competitive by becoming leaner while embedding AI across product development and operations.
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