Just a few months ago, technology startup Bolt was the place to be, with the advantage of a four-day work week. This week, he has released a third of his staff.
Hundreds of workers at a U.S. technology company, which he started earlier this year to permanently move to a four-day workweek, have found that they have been fired by an invitation to a calendar meeting.
Bolt, which builds payment software for online retailers, was valued at $ 11 billion ($ 15.4 million) in January.
This week, in a message to staff, and later posted on Bolt’s website, CEO Maju Kuruvilla said the company was “making several structural changes” due to “macro challenges,” which included staff cuts. .
“For those directly affected in the United States and Canada, our goal is to inform you within the next 30 minutes when you receive an invitation to the calendar for an individual meeting or a small ‘Restructuring Bolts’ sub-team,” he said. write Kuruvilla, who was previously vice president of Amazon.
“For those of you who stay on the Bolt team, later this morning you will receive an invitation to a City Hall at 13:00 PST.
“If you work outside the US and Canada, we will provide more clarity based on local laws and regulations over the next few weeks.”
A Bolt spokesman confirmed this SFGATE that “about a third of the company” was fired. It had about 900 employees, according to its LinkedIn.
Kuruvilla posted a list of nearly 50 employees who had been fired on Twitter, encouraging hiring companies to contact them.
“Some very talented people are leaving Bolt, and other companies would be lucky to have them,” he wrote.
A New York News The investigation earlier this month alleged that the company and founder Ryan Breslow had allegedly “inflated the metrics and exaggerated Bolt’s technological capabilities in search of ever-higher ratings.”
Breslow described the exhibition as a “success piece”.
The 27-year-old abruptly resigned as CEO in January, weeks after Bolt was valued at $ 11 billion ($ 15.4 million).
Mr. Breslow, who left Stanford in 2014 to start Bolt, is now chief executive. Its net worth is $ 2 billion ($ 2.8 million), according to Forbes.
In April, it emerged that Authentic Brands Group, owner of Forever 21 and Reebok, was suing Bolt for allegedly failing to comply with the promised technology.
ABG alleged that during Bolt’s integration with Forever 21, it lost more than $ 150 million ($ 210 million) in online sales. Bloomberg reported. Bolt denied the allegations.