American e-commerce and fintech company Bolt has laid off 29 percent of its staff. That is, if understood in simple language, the company has fired about one-third of the employees. This has been confirmed by the company spokesperson itself.
American e-commerce and fintech company Bolt has laid off 29 percent of its staff. That is, if understood in simple language, the company has fired about one-third of the employees. This has been confirmed by the company spokesperson itself. According to news agency IANS, the company’s spokesperson said that this layoff has been done by the company with the aim of making the company an operating model so that sustainable growth and efficiency can be achieved.
The company said that we have taken a difficult but important decision, so that layers and roles can be reduced in the entire company. By doing this we are trying to take our business to the next level faster. Let us tell you that till now this startup has raised funding of about 1 billion dollars. There was a time when the valuation of this company had reached 11 billion dollars.
The company is doing layoffs from 2022 onwards
This round of layoffs took place last week. Even before this the company has done layoffs several times. The company is continuously doing layoffs since 2022. The company also conducted layoffs in May 2022, when about 185 employees were laid off. Let us tell you that this figure was also about one third of the total employees at that time. After that, there was a retrenchment in the initial months of this year and now retrenchment has taken place again.
Spotify recently laid off 17 percent of its employees
Earlier this month, music streaming giant Spotify had also announced to lay off about 17 percent of its workforce. He also did this layoff with the aim of being productive and efficient. Spotify founder and CEO Daniel had said that due to slow economic growth and increased capital costs, the difficult step of layoffs had to be taken. There were about 8800 employees in the company at that time, which means about 1500 employees were affected by the retrenchment.
