Bolt, the SF startup with permanent 4-day workweek, lays off 1/3 of employees

While I have my reservations about a permanent 4-day workweek, it's not clear to me that's the defining characteristic of Bolt that caused it to lay off 1/3 of employees. It could as easily be described as "Bolt, the SF payment services startup, lays off 1/3 of employees", and that would suggest something very different about the cause.

Now I suppose it could be that a 5th workday per week would have changed this outcome, but it could equally be that a payment services startup in an economy headed into recession, is not well positioned to grow as much as it thought when it hired the last few hundred people, thus it needed to shrink.

Again, I'm not saying a 4-day workweek is necessarily going to work out for most companies, but it seems like the business a company is in, is a more likely factor leading to layoffs.

Bolt flaming out set the 4-day workweek philosophy back. The oligarchs running tech companies have some political ammo for awhile because they can falsely attribute the company's failure to the policy.

> Founder and former CEO Ryan Breslow posted a fiery Twitter thread accusing notable startup accelerator Y Combinator of “Mob Sh*t” and being corrupted by “money, power, and greed.” (Breslow stepped down as CEO for the company just days later.)

haha what