Bolt CEO Restructures Company After $10.7 Billion Loss, Eliminates HR Department
This CEO Fired His Entire HR Department to Rescue His Failing Fintech Company: ‘Problems Disappeared When I Let Them Go’
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Ryan Breslow, CEO of the fintech company Bolt, made drastic changes after the company's value plummeted by $10.7 billion. He eliminated the HR department, citing it as a source of unnecessary problems, and replaced it with a smaller 'people operations' team. Bolt's workforce was reduced by 30%, with a focus on creating a leaner, more efficient culture.
- 01Ryan Breslow cut 30% of Bolt's workforce in April 2025 as part of a major restructuring effort.
- 02The company's valuation fell from $11 billion in 2022 to $300 million, prompting significant changes.
- 03Breslow replaced the HR department with a smaller 'people operations' team focused on training.
- 04He observed that 99% of employees could not adapt to the new company culture within 60 days.
- 05Bolt now operates with around 100 employees, significantly down from its previous thousands.
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Ryan Breslow, the CEO of fintech company Bolt, took radical steps after the company's valuation fell from $11 billion in 2022 to $300 million. He attributed many of the company's issues to the HR department, stating they were 'creating problems that didn’t exist.' In April 2025, he cut 30% of the workforce and replaced HR with a leaner 'people operations' team focused on training and development. Breslow noted that during the boom years, employees had become complacent, leading to a culture of entitlement. He provided employees with 60 days to adjust to the new expectations, but reported that 99% could not adapt. The restructuring included firing nearly the entire leadership team and eliminating benefits like four-day workweeks and unlimited paid time off (PTO). Now, Bolt operates with about 100 employees, a quarter of its previous size, emphasizing a more energetic and hardworking team.
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The drastic reduction in workforce and changes in company culture may lead to increased pressure on remaining employees, potentially affecting job satisfaction and productivity.
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