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Ryan Breslow rode his fintech unicorn Bolt to the bank. Then came the lawsuits and money squabbles — and a brutal valuation crash that wiped out much of his fortune.An aggrieved shareholder was accusing Breslow, the once-billionaire founder of payments unicorn Bolt, of draining millions of dollars from the company by defaulting on a personal loan secured by its cash.
But instead of catapulting Bolt to new heights, the 2022 deal marked the start of a turbulent 18-month period for Breslow, pocked with acrimonious lawsuits and a showdown with one of Bolt’s earliest backers, Connecticut-based venture fund Activant.
The move shocked Bolt’s investors and board members, who had expected its founder to lead the company to an exit via a stock market listing, two sources told, new CEO Maju Kuruvilla subsequently reminded him that as chairman, his employment status was as an independent contractor and that he was not “to speak on the Company’s behalf including to current or future investors, current or potential customers, or media.
Because Breslow’s wealth was almost entirely tied up in his Bolt stock, in at least one case he used his shares as collateral to bankroll new ventures: In February 2022, he toldthat he had borrowed against his equity to start The Movement dance nonprofit. Tax filings show he personally donated a combined $886,310 to the charity in 2021 and 2022. It’s unclear whether the contentious $30 million loan was used to fund any of his other companies.
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