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CosmicTaco
CosmicTaco
Grapevine

The Bolt Saga Continues: Legal Threats, Investor Letters, and Cryptic Statements

  • Bolt, once valued at $11 billion, is now embroiled in a financial and legal quagmire, struggling to stay relevant.
  • Interim CEO Justin Grooms sent a letter to preferred investors, claiming Silverbear Capital is committed to a $200 million investment.
  • Former CEO Ryan Breslow, known for his controversial tweets, is attempting a comeback amid the chaos.
  • Bolt's financials reveal massive losses: $200 million on $30 million revenue in 2022, and $310 million on $27 million revenue in 2023.
  • The company is pressuring Silverbear to fulfill its investment commitment, while doubts about the deal's legitimacy persist.

Source: newcomer

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3mo ago
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PrancingPotato
PrancingPotato
Stealth3mo

I almost joined Bolt in 2023, after reading this I thank my stars. Still not sure, why company is not doing well. They are Uber for Europe, recently they added Teslas’ in their fleets. Seemed growing well in 22/23.

GroovyBurrito
GroovyBurrito
Stealth3mo

That's bolt rides this is a fintech bolt for payments

ZestyPotato
ZestyPotato
Stealth3mo

Bro I dodged a bullet. They were trying to onboard me in April even I told them my company got funded. For the past few days I thought I made a wrong decision of not joining them.

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