Bolt, the San Francisco startup devoted to payment services, noted in a letter to staff that it laid off about 250 of its 900 employees to, “secure our financial position, extend our runway, and reach profitability with the money we have already raised.”

CEO Maju Kuruvilla said in the letter, “It’s no secret that the market conditions across our industry and the tech sector are changing, and against the macro challenges, we’ve been taking measures to adapt our business.”

A laid-off employee said in a post on the anonymous forum Blind, said they received the news “after getting a pay-raise just a couple of weeks ago.” It is unclear if laid off employees received any kind of severance package.

2022 has been off to a rocky beginning for the startup. Bolt began the year with a splurge of good publicity, for everything from its implementation of a four-day workweek, to its massive $11 billion valuation. But then the bad news began. Former CEO Ryan Breslow went on a twitter tirade, accusing start-up accelerator Y-Combinator of, “Mob Sh*t” and being corrupted by “money, power, and greed.” Breslow stepped down days later.

Then in April, one of Bolt’s largest clients, Authentic Brands, owner of brands from Forever 21 to Reebok, sued the company for failing to move fast enough to deliver a promised checkout system.

Then in early May, the New York Times ran a piece accusing the company of stretching the truth about the companies capabilities and services to prospective clients and investors.

Kuruvilla ended the letter to staff by saying, “There’s no good way to share news of a restructure but it’s in our culture to be committed to candor and care, today and always. I can’t thank you enough for all of your past, present, and future dedication to make Bolt what it is. We have an incredible team, great product, and the market needs us more than ever before. But today, my focus is on our people. Please be mindful and caring for your colleagues and yourself.”