Bolt offered employees loans to buy stock. Then came the layoffs.
.” An employee had even asked, in a recent town hall, if they should expect layoffs any time soon. The CEO, Maju Kuruvilla, had said no.
For Bolt’s employees, though, it felt like whiplash. The startup had gone on a hiring tear at the end of 2021, adding hundreds of new people. Many of those new hires left jobs at big tech companies, like Amazon and Google, only to have their positions disappear less than a year later. “I came to a startup because I’m willing to swallow some risk,” said the Bolt software engineer. “Sometimes you take a risk, you do your best, and it doesn't work out. But that’s not what this feels like.
The software programmer with the $100,000 loan said that his options were about to vest, which left him with two choices: He could sell the options back to Bolt, or go through with the purchase. If he did that, he would need to find a way to come up with the money soon. “I have to figure out how much I can afford,” he said. He didn’t want to give up stock that might be valuable someday, but he also wasn’t sure how he would repay the $100,000.
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