[lbarrow]

This is pretty straightforward to explain without any nefarious things going on:

  * You don't need to take out a loan to exercise your options until you vest some options, which would typically take a least a year
  * Bolt grew really quickly and so had a high % of employees with low tenure
  * The layoffs disproportionally affected newer employees, which is extremely common and reasonable

If the people laid off were mostly people hired within the last year who had no reason to take out the loan yet, then you'd get a result like what we saw.

(All that said -- these loans are an absolutely terrible idea and I think offering them is irresponsible.)