Bolt CEO Ryan Breslow Says He Eliminated HR Team and Cut Staff by 30 Percent
Bolt CEO Ryan Breslow described workforce reductions and the removal of the company's HR team during a Fortune Workforce Innovation Summit appearance. He attributed the changes to a shift back to startup operations after the fintech company's valuation fell sharply from its 2022 peak.
FortuneBolt CEO Ryan Breslow said he eliminated the company's HR team and reduced overall headcount by roughly 30 percent as part of a return to startup operations. Breslow made the comments Tuesday at Fortune's Workforce Innovation Summit. He told Fortune editorial director Kristin Stoller that the prior HR team had created problems that did not exist and that those problems ended after the team was removed.
Bolt was founded by Breslow in 2014.
The company reached an $11 billion valuation in 2022 before its valuation fell to roughly $300 million by 2024. Breslow stepped down as CEO in 2022 and returned to the role in 2025. He described the current period as "wartime" and said the company now operates with about 100 employees.
Breslow said employees hired under previous leadership were given 60 days to adjust to a leaner culture. He stated that 99 percent did not adapt and that nearly the entire prior leadership team was replaced.
Bolt has replaced its HR team with a smaller people operations group focused on required training and employee resources. Breslow said the new team is more junior, works harder, and provides better customer attention. The company now markets itself as a single application for sending money, earning rewards, and trading cryptocurrency.
Breslow denied recent reports that the company had withheld employee paychecks or failed to pay contractors.
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