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Bolt announces layoffs

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Re: Bolt announces layoffs

#181

Post by urthor »

nrmitchi wrote: post #56
fdgsdfogijq wrote: post #49

Rumors 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

1) "Multiple rounds" is basically the worst possible way to do layoffs. 2) Based on their recent fundraise (and assuming that they had 0 dollars at that point), that's basically a burn rate of 25-30M/m. I'm not sure I can event comprehend what that company could be spending that much money on.

Agreed.

The way to do layoffs is simple. You get managers to stack rank the lot, then you get every single person with 30 or more reports under them in a room.

Then you do the whole layoff in one 5 hour meeting.

Swing the axe and get it done in 2 days.

Re: Bolt announces layoffs

#182

Post by ushakov »

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...

Twitter still has that status!

Re: Bolt announces layoffs

#183

Post by peripitea »

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...

Why is it a euphemism? Delaying profits as a primary objective has been a common startup strategy for decades.

Re: Bolt announces layoffs

#184

Post by bogomipz »

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

Wow. After reading this I clicked on CEO Ryan Breslow's Twitter profile pic which is of him barefoot, wearing a psychedelic hoodie and sitting in a yoga position with his palms upturned. Between this loan idea, the self-reference to the 4 day work week and the yogi pose, it's like something straight out of HBO's "Silicon Valley."

Re: Bolt announces layoffs

#185

Post by Gigachad »

treyfitty wrote: post #177

Why do CEOs feel compelled to say “this is the hardest decision I’ve ever had to make.” Hoping a CEO can chime in here… is the decision really that hard? It seems like they are just trying to not seem like a dick, when we all know they’re just looking out for their own best interests (not saying this is wrong, but not saying this is right either). Just genuinely curious how much “fluff” that statement contains.

It's not just their own interests. If they run over budget they have to shut down and everyone loses their job. So impacting only x% is a better alternative. Doing it all in one go and getting it right the first time is very important because you want to end up in a sustainable position where you can assure everyone remaining that they have made it and don't need to worry.

Re: Bolt announces layoffs

#186

Post by 015a »

The funny thing about recessions, and macroeconomics as a whole; much of the time, we eat the food we cook. If there is an upcoming recession, the most likely root cause is that a bunch of people believed there will be an upcoming recession.

Re: Bolt announces layoffs

#187

Post by tuckerpo »

aleksiy123 wrote: post #149
unicornmama wrote: post #69

Earlier quoted context omitted.

Large technology companies won’t hesitate to layoff employees to protect their stock price.

I'm genuinely curious. Is there any other options? By this point it's too late, right? And even if they played it safe there is always some risk.

> Is there any other options?

Have a compelling product that generates revenue. Unless your workforce is 100% saturated and you don't really _need_ that many engineers, lay-offs are one step above cutting free snacks on the usefulness scale when it comes to trying to stop bleeding.

Re: Bolt announces layoffs

#188

Post by myth2018 »

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...

It's lol indeed, and this appears to be one among many symptoms of this complete nonsense we're living.

It seems to be normal nowadays for a startup to pursue all the sorts of shallow growth indicators instead of worrying about making real money. They are concerned about "runway" not as a measure of how long they will last, but as an indicator to plan the time for another "round".

And I don't blame the companies alone. Investors are usually thought to be smarter people, but they are humans with emotions and dumbness like everybody. The amount of investors who don't understand very well what they are doing seems to be increasing. They are setting (accidentally, as they don't quite know what they are getting into) this sick system of incentives. Companies are basically playing accordingly.

Re: Bolt announces layoffs

#189

Post by fdgsdfogijq »

bogomipz wrote: post #184
tehlike wrote: post #166

Earlier quoted context omitted.

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

Wow. After reading this I clicked on CEO Ryan Breslow's Twitter profile pic which is of him barefoot, wearing a psychedelic hoodie and sitting in a yoga position with his palms upturned. Between this loan idea, the self-reference to the 4 day work week and the yogi pose, it's like something straight out of HBO's "Silicon Valley."

hahah yeah I had this same reaction a few hours ago. He even has those obnoxious turquoise earings on.

Re: Bolt announces layoffs

#190

Post by urthor »

treyfitty wrote: post #177

Why do CEOs feel compelled to say “this is the hardest decision I’ve ever had to make.” Hoping a CEO can chime in here… is the decision really that hard? It seems like they are just trying to not seem like a dick, when we all know they’re just looking out for their own best interests (not saying this is wrong, but not saying this is right either). Just genuinely curious how much “fluff” that statement contains.

For most CEOs or business owners it's definitely the hardest episode they'll face.

Mostly because of the loss of face. Layoffs means the CEO/board has screwed things up big time.

Firing people is easy. They fire screw-ups all the time, no platitudes no regret.

But this time the CEO screwed up, there are no two ways about it. Taking responsibility is painful.

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