Bolt Fires Another 10% Of Its Staff

Bolt has let go of another 50 employees. This means that the online checkout company has lost more than half of its staff in less than a year.

The Information, which broke the story, says that this is at least the third time the company has let people go since May.

The Information says that Bolt CEO Maju Kuruvilla told an all-hands meeting on Tuesday that “quite a few” of the company’s recent partnerships, new products, and acquisitions had not worked out.

The first round of layoffs, which affected 250 workers, happened just a few months after Bolt raised $355 million at an $11 billion valuation.

However, things quickly went downhill, with Kuruvilla saying in May that it was “no secret that the market conditions across our industry and the tech sector are changing,” forcing the firm to “laser focus on our core business and products.”

The company also had to back out of a $1.5 billion deal to buy Wyre, a blockchain infrastructure company.