Recently, various reports and content creators have been talking about how Dan Bilzerian’s company appears to be on the verge of bankruptcy, after his yearly financial records were released for the year 2020.
Dan Bilzerian, the self-proclaimed king of Instagram is the CEO/founder of the company Ignite, which specializes in various cannabis and electronic vaping/smoking products. The company reportedly lost around $50 million last year.
Ignite’s diving stock prices have been said to be due to Dan Bilzerian’s incessant spending and poor business practices. He has been accused of using Ignite as a “personal treasure trove,” and the company’s downfall has been said to be down to Bilzerian’s incessant spending - something that various YouTubers have found proof of, via the financial report.
Dan Bilzerian and his company Ignite are on the verge of bankruptcy
Dan Bilzerian’s Ignite has always been at the end of speculation related to its shady financials. Former President of Ignite Curtis Heffernan has accused Dan Bilzerian of funnelling the company’s resources on a consistent basis to finance his own extravagant lifestyle.
Heffernan was allegedly sacked when he refused to approve Dan Bilzerian’s personal spending. On the other hand, Dan Bilzerian himself has maintained that his company is in solid financial shape and has poked fun at the media multiple times on Twitter. This is despite the fact that Ignite’s stock prices have gone as low as $0.36, and currently stands at around $.49 (3rd Decemer, 2021).
Moreover, various YouTubers have gotten their hands on this year’s financial records, talking about how the company appears on the verge of collapse.
Ignite is in heavy debt, has more liability than assets, and Dan Bilzerian has consistently funnelled around $5 million a quarter over the past three years, now.
Overall, apart from the consistent debt-garnering, Ignite owes around $40 million to investors. They have generated just about $1.5 million in profits over the past two years (each), which is not even enough to fund their CEO’s overall spending on himself and PR.
As can be seen in the videos, Ignite is in terrible financial shape and is expected to go bankrupt over the next few weeks. This is despite the numerous insults and jokes that Dan Bilzerian has been cracking about these rumors over the past few months.
For now, it seems as if the company has survived a horrid financial year, and it will be interesting to see whether Dan Bilzerian can turn their fortunes around over the next few months.Published 03 Jan 2021, 19:09 IST