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 are taking advantage of any excuse that isn't "ya we hired way to many people so that we could say we are bigger than Fast".
Bolt apparently raised $355 million 4 months ago. If they are having cash problems, or are concerned about not having enough runway, I don't believe for a second that any magnitude of layoffs will help them.
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 are taking advantage of any excuse that isn't "ya we hired way to many people so that we could say we are bigger than Fast".
Bolt apparently raised $355 million 4 months ago. If they are having cash problems, or are concerned about not having enough runway, I don't believe for a second that any magnitude of layoffs will help them.