'Fired HR, Problems Disappeared': Bolt CEO Claims HR Was Creating Problems That 'Didn't Exist'

Bolt, the San Francisco-based fintech startup, has eliminated its entire human resources department and laid off roughly 30% of its remaining workforce, reducing its headcount from around 100 to fewer than 40 employees following four rounds of cuts since 2022. CEO Ryan Breslow attributed the dismissals to a culture of 'entitlement' that emerged during Bolt’s peak, where employees allegedly avoided hard work and excessive spending. He claimed 'problems disappeared' after firing HR, stating the department was 'creating issues that didn’t exist.' The company’s financial struggles mirror its workforce reductions, with its valuation plummeting from $11 billion in January 2022 to $300 million by 2024. Breslow, who returned as CEO in March 2025 after stepping down in 2022, described the company’s prior culture as complacent, with employees unused to accountability. He gave legacy staff 60 days to adapt to a leaner structure, replacing nearly the entire leadership team after '99%' failed to adjust. Bolt has overhauled its policies, scrapping unlimited paid time off and four-day workweeks—perks Breslow himself had promoted during the company’s growth phase. The shift reflects a broader 'wartime' mentality, with Breslow admitting he had to 'bring the company back to a very gritty place.' Financial strain preceded the layoffs, including an internal email in January 2026 encouraging staff to accept equity instead of cash pay, signaling payroll difficulties. Originally known for one-click checkout technology, Bolt now markets itself as a 'SuperApp' offering peer-to-peer payments, rewards, and cryptocurrency trading. Despite raising nearly $1 billion in venture capital, the company’s pivot failed to stabilize its finances. Breslow now leads a smaller, junior team, which he claims works harder and delivers better customer service than in years past. The HR department’s elimination aligns with Bolt’s broader restructuring, replacing it with a smaller people operations team focused on compliance and employee support. Breslow previously criticized HR on LinkedIn as the 'wrong energy' for the company’s new direction, emphasizing a return to 'conscious leadership' with stricter operational demands.