Bolt, E-commerce, and Fintech Firm, Implements Workforce Reduction with 29% Staff Layoffs

Bolt, a US-based e-commerce and fintech company, has confirmed a significant workforce reduction, laying off 29% of its staff. The decision was driven by a strategic shift to optimize operational efficiency and achieve sustainable growth, according to a company spokesperson. This recent round of layoffs follows earlier workforce reductions in 2022, including a significant cut of at least 185 employees (one-third of the workforce) in May 2022. Bolt, which has raised around $1 billion in venture-backed capital and was valued at $11 billion, is realigning its organizational structure for the next phase of business. The move echoes a broader trend, as seen with music streaming giant Spotify, which recently announced a 17% reduction in its workforce to enhance productivity and efficiency, citing economic challenges and increased capital costs.

Key Points:

1. Bolt, a US-based e-commerce and fintech company, has confirmed a workforce reduction of 29%, aiming to establish an operating model optimized for sustainable growth and efficiency, according to a spokesperson.

2. The decision to cut layers and roles across the company is seen as a strategic move to enhance speed and agility for the next phase of Bolt's business.

3. This recent round of layoffs, occurring last week, follows earlier ones in May 2022, where approximately one-third of the workforce, or 185 employees, were laid off, and another round earlier this year.

4. Despite having raised around $1 billion in total venture-backed capital and once being valued at $11 billion, Bolt has undergone restructuring to adapt to changing business dynamics.

5. The announcement aligns with a broader trend, as seen with music streaming giant Spotify, which recently disclosed plans to cut 17% of its workforce, affecting over 1,500 employees, citing reasons such as slowing economic growth and increased capital costs.

(With Agency Inputs)