Fresno, California-based Bitwise Industries, a technology training company and an investor in startup infrastructure, has announced that it has furloughed its entire workforce.
The furlough will impact approximately 900 employees, including 300 located in Fresno, California, amid concerns about its financial stability and sustainability.
According to Bitwise co-CEO Jake Soberal, “We expect this to be a very temporary action by the board and executive team while we determine the next steps.”
It is believed that the company is in financial distress and an expected infusion of capital did not materialize.
Ollen Douglass, a Bitwise board member since 2021 and will now serve as Bitwise’s interim president, noted, “Unfortunately, the non-management board and I, like many of you, are finding out that the picture the company consistently communicated orally and in presentations, was not an accurate picture of the company’s financial health. It is heartbreaking and disappointing on multiple levels, as you know.”
Bitwise, offered workforce training to California’s underserved populations, software services, and co-working spaces to revitalize decaying downtowns. appears to have cratered with unaccounted millions in question. Allegations of fraud, including a Ponzi scheme, have now been filed in SUPERIOR COURT OF THE STATE OF CALIFORNIA, COUNTY OF FRESNO, CASE NUMBER 23CECG02240 (06/09/23).
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?