Posted: 1:35 PM PDT · September 4, 2024
Ryan Breslow’s $450M Bolt Deal Stalls Amid Restraining Order and Investor Disputes
Ryan Breslow’s Plan to Reinstall Himself as CEO of Fintech Company Bolt Hits a Roadblock
Ryan Breslow’s ambitious plan to reinstall himself as the CEO of fintech company Bolt, while pushing through a $450 million fundraising deal that would value the startup at a staggering $14 billion, has apparently stalled. According to Forbes, Breslow sent an email to shareholders thanking them for signing off on the deal. However, many of those investors claim they didn’t sign off on anything.
Disputes Among Investors
Montauk Ventures and Ash Pournouri are among the investors who claim they didn’t support the financing deal. Philip Krim, founder of Montauk, told Forbes that he does not support the financing, and Breslow didn’t have his permission to be included in a list of investors that had approved the deal.
BlackRock, Hedosophia, and Untitled Ventures Seek Restraining Order
Meanwhile, BlackRock, along with Hedosophia and Untitled Ventures, reportedly applied for a restraining order in an attempt to "halt" Bolt’s Series F round. The trio claimed through an attorney that Bolt was "coercing its investors by forcing them to choose between paying millions of dollars for new stock or losing most of their existing investment."
Bolt’s Response
Bolt declined TechCrunch’s request for comment.
Related Topics
Newsletters
Want to stay up-to-date on the latest news in fintech, startups, and more? Subscribe to our newsletters:
TechCrunch Daily News
Every weekday and Sunday, you can get the best of TechCrunch’s coverage.
TechCrunch AI
TechCrunch’s AI experts cover the latest news in the fast-moving field.
TechCrunch Space
Every Monday, gets you up to speed on the latest advances in aerospace.
Startups Weekly
Startups are the core of TechCrunch, so get our best coverage delivered weekly.
Subscribe
By submitting your email, you agree to our Terms and Privacy Notice.
Related Stories
- Uber CEO Dara Khosrowshahi resigns from self-driving truck startup Aurora’s board
- Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays
- These fintech companies are hiring in 2025 after a turbulent year
Latest in Fintech
- Thomson Reuters acquires tax automation company SafeSend for $600M
- Robinhood, already a ‘comeback’ stock, has even more aggressive plans for 2025
Disputes Among Investors
The disputes among investors are centered around the $450 million fundraising deal that would value Bolt at a staggering $14 billion. Many of those investors claim they didn’t support the financing, and Breslow didn’t have their permission to be included in a list of investors that had approved the deal.
Restraining Order
BlackRock, along with Hedosophia and Untitled Ventures, reportedly applied for a restraining order in an attempt to "halt" Bolt’s Series F round. The trio claimed through an attorney that Bolt was "coercing its investors by forcing them to choose between paying millions of dollars for new stock or losing most of their existing investment."
Impact on Bolt
The disputes and restraining order have apparently stalled Breslow’s plan to reinstall himself as the CEO of Bolt. Bolt declined TechCrunch’s request for comment.
Industry Reaction
The industry reaction to the disputes and restraining order has been one of surprise and concern. Many investors are questioning the legitimacy of the financing deal and the coercive tactics used by Bolt to secure funding.
Future Prospects
The future prospects of Bolt remain uncertain. The company faces significant challenges in resolving the disputes among investors and addressing concerns about its business practices.
Conclusion
The dispute over the $450 million fundraising deal has put a spotlight on the financial dealings of fintech companies like Bolt. The case highlights the need for greater transparency and accountability in the industry, as well as the importance of protecting investors’ interests.
Related Stories
- Uber CEO Dara Khosrowshahi resigns from self-driving truck startup Aurora’s board
- Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays
Latest in Fintech
- Thomson Reuters acquires tax automation company SafeSend for $600M
- Robinhood, already a ‘comeback’ stock, has even more aggressive plans for 2025
Industry Trends
The fintech industry is rapidly evolving, with new technologies and innovations emerging every day. Companies like Bolt are at the forefront of this revolution, pushing the boundaries of what is possible in the world of finance.
Key Players
Conclusion
The dispute over the $450 million fundraising deal has highlighted the need for greater transparency and accountability in the fintech industry. Companies like Bolt must prioritize their investors’ interests and ensure that their business practices are above board.
Future Prospects
The future prospects of Bolt remain uncertain, but one thing is clear: the company faces significant challenges in resolving the disputes among investors and addressing concerns about its business practices.
Conclusion
The dispute over the $450 million fundraising deal has put a spotlight on the financial dealings of fintech companies like Bolt. The case highlights the need for greater transparency and accountability in the industry, as well as the importance of protecting investors’ interests.
