Fresno Founded Bitwise Furloughs All Employees...

Fresno-based technology company Bitwise Industries has been forced to furlough its entire workforce of approximately 900 employees due to acute financial issues. Co-founder and co-CEO Jake Soberal cited the failure of significant financial transactions as the primary cause. The company, established in 2013, aimed to support technology-oriented entrepreneurs and businesses. It had expanded rapidly, with locations in Fresno and other cities across the US. Bitwise recently received an $80 million investment from investors including Goldman Sachs, Citibank, The Motley Fool, and the Kapor Center. However, despite the investment, the company's financial situation deteriorated, leading to the emergency board decision to furlough employees. Soberal acknowledged the inherent risks of rapid growth in venture-backed companies. Bitwise's facilities, which offer technology services, computer training, and workspace rentals, will continue to operate for third-party tenants and restaurants located within their premises. The board and executive team plan to determine the company's next steps during the furlough period, emphasizing that they consider the action temporary.