Posted on 05/28/2022 1:00:07 PM PDT by Persevero
The San Francisco tech startup that helped popularize a push for a four-day workweek in Silicon Valley, is now laying workers off.
As first reported by the New York Times, Bolt, the payment services startup with offices near San Francisco’s Union Square, laid off around 250 of its around 900 employees Wednesday in a move to “secure our financial position, extend our runway, and reach profitability with the money we have already raised” amid industrywide financial challenges, according to a letter to staff.
A Bolt spokesperson confirmed to SFGATE Thursday that "approximately a third of the company" was laid off.
(Excerpt) Read more at sfgate.com ...
That would be a zero ay workweek wouldn’t you say?
How much covid relief cash did they get that they’re not paying back?
They need to issue backpack parachutes to everyone on board.
The 4 day work week probably had zip to do with it, as opposed to Americans cutting back spending on everything during this Democrat inflation insanity.
more recruits for aunti-fachisa.
Which means they have yet to lift off.
shocking...
Seeking to increase one’s prices by reducing production and supply by shortening the work week is bad business strategy
Yeah, the metaphors are typical no nothing millennial lib speak.
.
It's more like a 90-hour 6 day workweek. (But sometimes 6 1/2 or 7 days)
Yes, yes - go ahead and tell me that 'You must have been doing it wrong' - whatever.
“Talk is cheap. I can get all the talk I need over at the Monarch Boarding House.”
From the movie True Grit.
Opening the door for the obvious merger with Nut.
a layoff of this magnitude when this company is supposedly committed to such a large number of products that it has already committed to provide, looks to me like a prelude to total implosion ...
maybe the company will make up for laying off 30% of its employees by moving from four day work weeks to 70 hour work weeks like other silicon valley software startups ...
I hope not. Somebody will get screwed.
“...reach profitability with the money we have already raised”
TRANSLATION: The VCs said “NO!” to our requests for another round of funding.
“Sure you can have a four-day workweek. Just be sure to get your 96 hours into those four days.”
Rather than laying people off, why not just try a three day work week? :)
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