Bitwise Industries' Co-CEOs Fired Amid Financial Struggles and ARPA Funding Loss.
Bitwise Industries, a Fresno-based tech company, has fired its CEOs, Jake Soberal and Irma Olguin Jr., amid mounting financial problems. The company furloughed its 900 employees without notice on Memorial Day, and newly uncovered legal documents have revealed more financial issues. Bitwise is also facing unpaid business taxes and stopped making payments to insurance companies and 401K contributions. The board of directors has launched an investigation into the company's mismanagement of funds, and Ollen Douglass, a board member with a background in auditing, has taken over as interim president.