Bolt Financial laid off 185 employees, or about one-third of its workforce; some have to repay loans they took from the company for vested shares within 90 days
The Daily Brief is a free glimpse into the prevailing fundamental … Lindsey Choo / Protocol : Bolt lays off employees in a company restructuring Erin Woo / New York Times : Bolt, the payments start-up, has begun laying off employees. Jenina Ibañez / Tech in Asia : Bolt Financial lays off a third of its staff The Economic Times : Embattled payments startup Bolt is cutting one-third of staff PYMNTS.com : FinTech Startup Bolt Financial Plans Layoffs Kenrick Cai / Forbes : Checkout Startup Bolt Lays Off More Than 200 People, Or At Least 25% Of Its Staff Theo Wayt / New York Post : Bolt lays off staff as payments startup fights lawsuit from biggest customer Ted Andersen / San Francisco Business Journal : S.F. payments startup Bolt lays off workers as it restructures Charlie Conchie / City A.M. : US payments firm Bolt becomes latest fintech to slash jobs Dan Primack / Axios : Fintech unicorn Bolt starts layoffs Tweets: @yoda : “ if an employee stops working at Bolt — for any reason — the loan must be repaid within 90 days.” https://www.axios.com/... Thomas Maxwell / @tomaxwell : Ryan dead silent for 2 days now https://twitter.com/... https://twitter.com/... Emily Peck / @emilyrpeck : “Imagine having your boss hand you a pink slip and then reach into your pocket, because that's exactly what's happening to some folks who worked at Bolt.” https://twitter.com/... Sergio Mattei / @matteing : When's the Ryan Breslow thread coming? Need to clear my calendar to make sure I don't miss it. https://www.axios.com/... Lizette Chapman / @lizette_chapman : Sad layoff news: Bolt eliminates roughly 250 employees, abandons fundraising plans and promises to work with employees who took out loans from Bolt to exercise their shares early. Losing your job AND owing your employer $ is on brand for 2022. https://www.bloomberg.com/... Ryan Ford / @theryanford : Can you imagine? - You accept a loan from your employer to purchase your company shares & reduce tax burden. - You get laid off. - You have to pay the loan back in 90 days. - Average debt is $20k or more (<$200k total, 9 or fewer employees) https://twitter.com/... @courtenay_brown : Bolt offered loans to employees who wanted to buy vested shares. Anyone who stops working there — for any reason — must repay within 90 days. “Imagine having your boss hand you a pink slip and then reach into your pocket ... that's exactly what's happening to some” @ Bolt https://twitter.com/... Dan Primack / @danprimack : For some of those laid off yesterday by Bolt, the financial ramifications go beyond lost salary. https://www.axios.com/... Hadi Hariri / @hhariri : I'll never quite understand why a CEO would publish a public blog post informing of layoffs before communicating it privately. https://www.bolt.com/... Maju Kuruvilla / @kuruvillamaju : Today, I am focused on our people, but I wanted to share my thoughts on @Bolt's restructuring. https://www.bolt.com/...