Earlier today, Maju Kuruvilla shared the following message with his employees
This is one of the hardest messages I’ve ever had to send. Since stepping into this role just a few months ago, my top priority has been to do what’s best for Bolt’s business, customers, and employees. It’s the commitment I made to our board, investors, and most importantly to all of you as we continue on our journey to decentralize and democratize commerce.
It’s no secret that the market conditions across our industry and the tech sector are changing, and against the macro challenges, we’ve been taking measures to adapt our business. In an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position, extend our runway, and reach profitability with the money we have already raised.
To laser focus on our core business and products, we will be prioritizing our roadmap and making several structural changes. Unfortunately, this includes reducing the size of our workforce and parting ways with some incredibly talented people on our team as of today.
I know this will be difficult for us all, so I want to provide clarity on what will happen next. For those directly impacted in the US and Canada, our goal is to inform you within the next 30 minutes when you will receive a calendar invite for an individual or small sub-team “Bolt Restructuring” meeting. For those of you who are staying on the Bolt team, later this morning you will receive an invite to a Town Hall at 1pm PST. If you work outside of the US and Canada, we will provide further clarity based on the local laws and regulations over the next few weeks.
There’s no good way to share news of a restructure but it’s in our culture to be committed to candor and care, today and always. I can’t thank you enough for all of your past, present, and future dedication to make Bolt what it is. We have an incredible team, great product, and the market needs us more than ever before. But today, my focus is on our people. Please be mindful and caring for your colleagues and yourself.