E-commerce and fintech company Bolt, which was at one time the subject of a federal probe, confirmed it laid off 29% of its staff, according to a company spokesperson.
This latest round of layoffs, which the spokesperson said happened last week, follow a handful of other layoffs made by the company since 2022.
It’s not clear how many employees the company had at the time of the layoffs or which roles were impacted.
The company, which provides software to retailers to speed up checkout, raised around $1 billion in total venture-backed funding and at one time was valued at $11 billion.
The company announced partnerships with retailers, including Saks OFF 5TH, Shinola, Filson, Lafayette 148 and Toys”R”Us, in November.
An email, penned by newly minted president and CTO Mo Elshenawy, was sent this morning to the entire 3,800-person workforce.
Cruise is targeting non-engineering jobs in the layoffs, particularly those people who worked in the field, commercial operations and corporate staffing, according to the email.
Engineering, a category that makes up the bulk of the Cruise workforce, is largely being preserved, according to the content of the email and discussions with internal sources.
The layoffs have been largely expected at Cruise for weeks now.
GM and the Cruise board have been scrambling ever since the October 2 incident put the company in the crosshairs of state, local and federal agencies.
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