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Bolt announces layoffs

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Re: Bolt announces layoffs

#161

Post by ushakov »

matwood wrote: post #146
ushakov wrote: post #89

Earlier quoted context omitted.

they raised $355M this year and like $600M last year https://www.crunchbase.com/organization/bolt-5/company_finan... how can a company burn money that quickly so they end up with only 12-18 months of runway?

I shaved a bit off our AWS bill and my CFO at the time asked if it was worth my time. I asked him if he knew how you get a huge AWS bill with no idea how to fix? A little bit at a time. People get lazy because things seem good and let questionable hires and other expenses slide by because why not, there's plenty of money.

see, that's why we don't use AWS

Re: Bolt announces layoffs

#162

Post by matwood »

ushakov wrote: post #161
matwood wrote: post #146

Earlier quoted context omitted.

I shaved a bit off our AWS bill and my CFO at the time asked if it was worth my time. I asked him if he knew how you get a huge AWS bill with no idea how to fix? A little bit at a time. People get lazy because things seem good and let questionable hires and other expenses slide by because why not, there's plenty of money.

see, that's why we don't use AWS

Toosh!

Re: Bolt announces layoffs

#163

Post by kumarm »

aabhay wrote: post #157

I called it ages ago -- this company is an utter train wreck. I am honestly ashamed of the entire industry for birthing and fostering this basically fraudulent company. Its mistakes and lies are compounding on themselves, creating awful outcomes for its employees: - Company almost certainly juiced its usage numbers, potentially by buying users to inflate its customers revenues, so it could use those numbers to convin…

wouldn't Fast be the Theranos even by your description?

Bolt definitely has some explaining todo with employee stock options but calling it Theranos seems little extreme.

Re: Bolt announces layoffs

#164

Post by throwaabolt »

DevToRecruiter wrote: post #114
throwaabolt wrote: post #81

I am one of those let go today. It's especially bad, because they seem to have messed up the invite templates. I received one to the Town Hall meeting, even before Majus letter was published, only to get the invitation cancelled and receive and invitation to "Bolt Restructuring". What an emotional rollercoaster. Extremely anxious about the future, as this is my first time being laid off, especially in the current mar…

I'm sorry you're going through this. I don't know what your position is but I may be able to help you with the "finding a new job" part of your anxiety. Please feel free to reach out to me on twitter @devetorecruiter. Good luck with everything!

thank you. can my wife's boyfriend contact you too? he is part of the layoff as well.

Re: Bolt announces layoffs

#165

Post by vira28 »

One of the things that I would consider before joining any startups is just how good sane (or humane or whatever appropriate word) the founders are. Don't go behind all the PRs. Just try to find whether the people who founded are actually good people. What are their ethics. All these are subjective qualities so it's difficult to weigh but that's where the money is.

edited (I understand I might not have described what I mean clearly).

Re: Bolt announces layoffs

#166

Post by tehlike »

phphphphp wrote: post #136

Can you share more about the stock option loan program? If it is what it sounds like, that program is unconscionable insanity and whoever is encouraging employees to engage with it is setting employees up for a world of hurt.

This has details

https://twitter.com/theryanking/status/1493390167461224451

Re: Bolt announces layoffs

#167

Post by rvnx »

nathanaldensr wrote: post #145
lr4444lr wrote: post #122

Earlier quoted context omitted.

Even if this is true, we're looking at a tight money policy and a bear market in tech broadly with no end in sight. Pre-profit companies need to protect their hides, and I expect to see such reflected in layoffs and attrition.

"Pre-profit companies" LOL. So that's what they're calling them nowadays? Talk about euphemisms...

Pre-business plan

Re: Bolt announces layoffs

#168

Post by wavesounds »

tehlike wrote: post #166
phphphphp wrote: post #136

Can you share more about the stock option loan program? If it is what it sounds like, that program is unconscionable insanity and whoever is encouraging employees to engage with it is setting employees up for a world of hurt.

This has details https://twitter.com/theryanking/status/1493390167461224451

Why didn't they just give them RSUs instead of doing this super complicated risky thing?

Re: Bolt announces layoffs

#169

Post by idealmedtech »

nrmitchi wrote: post #33

First 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…

Do we know the terms of this raise? I wouldn't be surprised if it's released in tranches based on KPIs.

Re: Bolt announces layoffs

#170

Post by stu2b50 »

wavesounds wrote: post #168
tehlike wrote: post #166

Earlier quoted context omitted.

This has details https://twitter.com/theryanking/status/1493390167461224451

Why didn't they just give them RSUs instead of doing this super complicated risky thing?

More upside presumably, since if you do wait the time, and the stock isn't underwater, then you can sell and be taxed as long term capital gains.

I really don't think that's a good gamble for an employee to take, but oh well.

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