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High salaries mean little if people have to self fund 20-30 years of retirement and pay crazy prices to live near work.
Bolt announces layoffs
101–110 of 564 posts
Re: Bolt announces layoffs
#102For those who’ve seen layoffs first hand: do lower performers generally get laid off first, or is it more random?
It really depends on the layoff strategy and there are lots of those.
But for the most part you should treat it as random. For instance I was in the room when a company decided to shut down a whole location, even though it was very high performing. The reason? It had the lease ending soonest so they could cut even more costs there.
Re: Bolt announces layoffs
#103Earlier quoted context omitted.
Having 5000 employees will do that quickly.
https://www.linkedin.com/company/bolt-com/ While not everyone has a linkedin, 900 employees seems like a reasonably safe pre-layyoffs estimate?
Among the 900 a lot of them are drivers at the Bolt delivery company (So not the same one)
Re: Bolt announces layoffs
#104Earlier quoted context omitted.
I had a smaller YC company pitch me something like this as an option for my stock comp - an RSA (restricted stock agreement, or "founder's stock"), where I put up all the cash up front, paid a big income tax bill in the first year, but then upside was all capital gains. I would technically own the stock but I had to sell it back for nothing if I left before it vested. Turned out I left very early because the company…
Wow. How'd they make you pay upfront and still make you wait & vest? This makes no sense.
For what it's worth, this is how it works for founders too. The amount you pay is stupidly small (usually well under $100), since the strike price is essentially $0. There's no legal designation for founder when it comes to stock, so this person just got the same deal the founders did.
Re: Bolt announces layoffs
#105First of all, there is no mention of what percentage of their workforce is being directly effected by this. I suspect it is not small. That aside, I fail to see this as anything other than this "company" taking advantage of the current environment to execute layoffs in a way that lets them blame "the market" rather than their own short-comings. We saw this in March 2020 as well. They overhired for the hype, and now a…
Yes, this. Thank you for pointing out the scapegoating.
Re: Bolt announces layoffs
#106Rumors going around on blind (posted by bolt employees) that over the course of a few rounds of layoffs it will be 30-50% of the total workforce. A lot of the initial layoff are software engineers. Apparently they only have 12-18 months of runway, and need to effectively double that. Current revenue is 40M. I guess this is the beginning of the tech washout. clings to large tech company job EDIT: 33% layoff today
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Re: Bolt announces layoffs
#107Earlier quoted context omitted.
> when they only did $5.2M in Q1… This is insane to me. I work at a startup with a similar valuation and we bring in almost double that amount of revenue a week... and I think we're overvalued.
10M a week = ~500M a year. 10B valuation. wow. Where is that?
20x Price-to-Sales (P/S) multiple on trailing-twelve-month (TTM) revenues is actually on high-end of of sub-$20B SaaS right now -- it's just the new reality. Examples from public markets:
Cloudflare ($NET) TTM revenue is $0.73B and $16.9B marketcap (23x P/S).
DocuSign ($DOCU) TTM revenue is $2.1B with $15.5B marketcap (7.3x P/S).
UIPath ($PATH) TTM revenue is $0.9B with $9B marketcap (10x P/S).
Okta ($OKTA) TTM revenue is $1.3B with $13B marketcap (10x P/S).
Re: Bolt announces layoffs
#108First of all, there is no mention of what percentage of their workforce is being directly effected by this. I suspect it is not small. That aside, I fail to see this as anything other than this "company" taking advantage of the current environment to execute layoffs in a way that lets them blame "the market" rather than their own short-comings. We saw this in March 2020 as well. They overhired for the hype, and now a…
>Bolt apparently raised $355 million 4 months ago. If they are having cash problems, or are concerned about not having enough runway well, may be there is a connection : "Earlier this month, Bolt announced it was purchasing crypto startup Wyre Payments in a deal worth reportedly worth roughly $1.5 billion."
I was under the impression that that acquisition (along with their previous ones) was all stock, but apparently it was a mix. In hindsight, that seems like a poor decision.
Re: Bolt announces layoffs
#109The best thing they could do at this point is give employees and investors their remaining cash. They won't, but I bet they'll wish they did.
Why? Business will continue, they are just trimming fat (excessively) based on what the market is doing. Next 2 years might be rough, especially for ecommerce.
Re: Bolt announces layoffs
#110I just accepted an offer (contract is signed) 1 month ago. I guess I need to start again looking for a job.