Ryan Breslow’s ambition to reclaim his role as CEO of the fintech company Bolt is facing significant hurdles amidst investor backlash. His proposed $450 million fundraising initiative, aimed at boosting the startup’s valuation to an impressive $14 billion, appears to have hit a snag.
According to reports from Forbes, Breslow reached out to shareholders expressing gratitude for their support in the financial deal. However, a number of investors, including notable names like Montauk Ventures and Ash Pournouri, contend that they never authorized any such agreement. Montauk’s founder, Philip Krim, communicated to Forbes his opposition to the financing and asserted that Breslow acted without his consent by including him among those supposedly approving the deal.
Additionally, it has come to light that investment firms Black Rock, Hedosophia, and Untitled Ventures have sought a restraining order aimed at pausing Bolt’s Series F funding round. They allege that Bolt is applying undue pressure on its investors, compelling them to either invest millions in new stock or risk significant losses on their existing stakes.
As the situation unfolds, Bolt has opted not to comment on these developments, according to TechCrunch’s inquiries.
