Bolt’s CEO eliminated the company’s HR team and implemented sweeping workforce cuts, including a layoff affecting about 30% of employees. The CEO said the HR team created problems that did not exist and that those problems disappeared after the team was removed. Bolt’s valuation fell sharply after reaching an $11 billion peak in 2022, followed by leadership changes and multiple rounds of layoffs that reduced headcount. The CEO attributed the downturn to poor decision-making and overspending. After returning as CEO in 2025 and operating in “wartime,” Bolt shifted to startup mode and brought on a smaller people-operations team to oversee required training and support employees, emphasizing faster execution and manager empowerment.
"“We had an HR team, and that HR team was creating problems that didn't exist,” Breslow told Fortune editorial director Kristin Stoller. “Those problems disappeared when I let them go.”"
"After soaring to an $11 billion valuation in 2022, employing thousands of workers, Bolt's fortunes reversed sharply. Breslow stepped down as CEO the same year, and by 2024, the company's valuation had reportedly fallen to roughly $300 million-a decline of nearly 97%-while multiple rounds of layoffs dramatically reduced its headcount. Breslow attributed the downturn to poor decision-making and overspending."
"Breslow returned as CEO in 2025, operating in what he calls “wartime.” “We're back in startup mode again, and those HR professionals have really important insights when you're in a peacetime and when you're at a larger company,” he said, adding that Bolt has since brought on a smaller people operations team to oversee required training and serve as a resource for employees."
"While Breslow didn't get into the specifics of the exact differences, he wrote on LinkedIn last year that, “HR is the wrong energy, format, and approach. People ops empowers managers, streamlines decision making, and keeps the company moving at lightning speed.”"
#workforce-restructuring #hr-vs-people-operations #layoffs #startup-turnaround #fintech-company-performance
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