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San Francisco-based certainly delivered a striking message to employees and investors yesterday.

With an $11 billion valuation, the company was once considered to be one of the most highly valued startups by investors. However, the startup now plans to eliminate about 250 employees鈥攁bout one-third of its workforce鈥攁ccording to .

鈥淚t鈥檚 no secret that the market conditions across our industry and the tech sector are changing,鈥� wrote Bolt CEO Maju Kuruvilla in a message posted on the company鈥檚 . 鈥淚n an effort to ensure Bolt owns its own destiny, the leadership team and I have made the decision to secure our financial position.鈥�

Bolt’s cuts are just the latest in a slew of tech companies layoffs that we’ve been tracking.

Bolt鈥檚 recent troubles

Bolt鈥檚 destiny has been wonky lately, to say the least. The startup, a provider of a one-click checkout for independent online retailers, wasby for its botched integration with retail chain

The suit claimed that the hipster retailer lost more than $150 million in online sales as a result.聽 It also claimed Bolt raised funding at high valuations by 鈥渃onsistently overstating鈥� its integration with ABG鈥檚 brands.

Bolt also had to navigate its way into new leadership when its controversial founder trashed , and the overall Silicon Valley startup industry on .

The layoffs come just six months after we reported that Bolt announced it raised $355 million for the initial part of its Series E funding. led the financing.

What about those Bolt loans?

The plot also thickens for those employees who took out loans from Bolt to buy vested shares. According to an , if an employee stops working at Bolt their loan must be repaid within 90 days (even if they were let go).

A Bolt spokesperson told Axios that only a few employees in that laid-off pool will be impacted by that scenario.

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