TLDR Tech / Fintech
Bolt fires one-third of staff as $11B startup struggles to pay bills
Bolt, once valued at $11 billion, laid off roughly one-third of its workforce and stopped paying vendors, including AWS, since January. The company tried to retain staff by offering equity at a 25% discount in lieu of wages. CEO Ryan Breslow cited AI as the reason to "be leaner," but the super app pivot has seen just 5,000 downloads and mostly negative reviews.
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