Overview
- At Fortune’s Workforce Innovation Summit on Tuesday, CEO Ryan Breslow defended his decision to eliminate Bolt’s HR department, saying the issues HR raised “disappeared” after he let the team go.
- In April Bolt cut roughly 30% of its workforce, a round the company described as driven largely by a shift to AI and that it affected fewer than 40 people.
- Bolt has replaced the traditional HR function with a smaller people‑operations team charged with training and employee support, and Breslow denied reports that the company withheld pay or left contractors unpaid.
- Breslow says he has moved the company into a self-described “wartime” or startup mode, gave prior hires 60 days to adapt, and removed most senior leaders after saying the vast majority could not meet the new expectations.
- The overhaul follows a collapse in valuation from about $11 billion in 2022 to roughly $300 million by 2024 and leaves open legal, compliance and morale risks as Bolt bets on faster decision making and AI automation.