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Bolt announces layoffs

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Re: Bolt announces layoffs

#241

Post by LilBytes »

anon_123g987 wrote: post #230
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…

From user throwaabolt 's profile page: "troll account. didn't actually get laid off from bold. curious to see how long it takes HN to realize this."

@dang can we see if this is true, unsure if we record history. Either anon_123g987 or throwaabolt is lying here.

throwaabolt's profile account is now:

"ex-employee of bolt. ready to tackle new challenges, in particular in the fintech or insurtech areas."

I don't know what to believe. throwaabolt's futher messages:

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

Re: Bolt announces layoffs

#242

Post by clpm4j »

IMTDb wrote: post #158
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…

Both "we overhired" and "it's because of the market" can be true at the same time. You get a $335 million in Feb with a common understanding with current investors that you are going to raise $ XXX in roughly 24 month, depending on results compared to an agreed upon business plan. You thus plan for a roughly 24 month runway. 4 month later (now) you get a call from your investors that your planned next series is going…

More broadly I've gotta believe that raising $335 million (after many more hundreds of millions previously), and still expecting to need to raise more down the road is just a seriously flawed approach to running a business.

Re: Bolt announces layoffs

#243

Post by nrmitchi »

bobbygoodlatte wrote: post #173
nrmitchi wrote: post #124

Earlier quoted context omitted.

Well sure, but the QSBS exemption cutoff is literally 220x less than the valuation Bolt was trying to see this on.

QSBS cutoff is $50M in gross assets owned by the company, not $50M valuation. There are many cases where a valuation can be far above $50M yet still qualify. That said, I have no idea if Bolt would qualify here. FWIW financial services companies don't qualify for QSBS at all, so Bolt may fall under that

If a company has raised more than $50M though, does that immediately cross “$50M in gross assets” anyways?

Obviosuly that’s different than a valuation, but that would immediately disqualify Bolt.

Re: Bolt announces layoffs

#244

Post by t3rabytes »

mizzao wrote: post #231
throwaabolt wrote: post #164

Earlier quoted context omitted.

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

How does this "wife's boyfriend" thing work?

lol the throwaway is 100% a troll, and had it not been for the "i'm a troll" description that was removed from their profile, this is what proves it

Re: Bolt announces layoffs

#245

Post by wly_cdgr »

berberous wrote: post #40
upupandup wrote: post #18

Earlier quoted context omitted.

> There IS risk to the employee; they now have a real loan outstanding and 100% personal recourse, so if the common stock becomes less than exercise price, their personal assets are on the hook https://twitter.com/theryanking/status/1493390184897032201 HOLY CRAP. How is this even legal???

It was an option, not a requirement. There are pros/cons to doing it, but it was ultimately the employee’s decision. I’m sure the risks were well disclosed. The issue is >50% of employees don’t understand any of it, no matter how well explained and disclosed.

It is not enough to disclose the risks. You can not allow your employees to do this unless at the minimum you can demonstrate that they actually and fully understand those risks and you give them access to ALL the numbers you have

Re: Bolt announces layoffs

#247

Post by mise_en_place »

bko wrote: post #150
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…

Why do you need an excuse to perform layoffs? Sometimes companies over-hire or hire the wrong people. Other times they scale back certain efforts and are left with people that don't fit into the organization anymore. I feel sorry for the people, but layoffs are part of a normal process and with economic downturn we're facing, that will almost certainly impact their lines of credit and fundraising. So the prudent acti…

Excuses aren't needed, exit packages are appreciated and build good will with the community of people you are hiring from. And many companies will also use their networks to help you find a new job by referring you to multiple companies. At least, that was my experience when I was laid off at a relatively well funded startup in the Bay Area at that time.

Re: Bolt announces layoffs

#248

Post by bartread »

> This is one of the hardest messages I’ve ever had to send.

Layoffs are something of a fact of life but, seriously, executives need to stop saying things like this when they announce them. Nobody gives a damn how company leaders feel in these situations, least of all the people receiving the message - nor should they.

Re: Bolt announces layoffs

#250

Post by snotrockets »

gruez wrote: post #79
upupandup wrote: post #18

Earlier quoted context omitted.

> There IS risk to the employee; they now have a real loan outstanding and 100% personal recourse, so if the common stock becomes less than exercise price, their personal assets are on the hook https://twitter.com/theryanking/status/1493390184897032201 HOLY CRAP. How is this even legal???

>HOLY CRAP. How is this even legal??? You missed the tweet directly under it: > Therefore, we made sure to give every employee ample time to read about the pros and cons of this decision, including learning about all the risks in the business, and we gave every employee a $300 stipend to consult a financial advisor during the implementation process. I understand making things illegal to protect people from being swin…

$300 won't cover the cost for a qualified advisor. Even if you'd get a tax professional to make the math for you for that money (the one I use charges $350 for a phone call, ymmv), getting a lawyer to go over the terms of the loan would be $1000 at minimum.
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