{"id":430176,"date":"2022-04-11T23:13:35","date_gmt":"2022-04-11T20:13:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bolt-valuation-tanks-after-founder-slams-silicon-valley-mob-bosses\/"},"modified":"2022-04-11T23:13:35","modified_gmt":"2022-04-11T20:13:35","slug":"bolt-valuation-tanks-after-founder-slams-silicon-valley-mob-bosses","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bolt-valuation-tanks-after-founder-slams-silicon-valley-mob-bosses\/","title":{"rendered":"#Bolt valuation tanks after founder slams Silicon Valley &#8216;mob bosses&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3667f4c8e23\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3667f4c8e23\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bolt-valuation-tanks-after-founder-slams-silicon-valley-mob-bosses\/#%E2%80%9CBolt_valuation_tanks_after_founder_slams_Silicon_Valley_%E2%80%98mob_bosses%E2%80%9D\" >&#8220;Bolt valuation tanks after founder slams Silicon Valley &#8216;mob bosses&#8217;&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1>&#8220;Bolt valuation tanks after founder slams Silicon Valley &#8216;mob bosses'&#8221;<\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A multibillion-dollar tech startup whose founder made waves earlier this year when he compared Silicon Valley to a \u201cboys\u2019 club\u201d full of \u201cmob bosses\u201d has since seen its valuation in the secondary market crumble, The Post has learned.\u00a0<\/p>\n<p>San Francisco-based Bolt, which makes checkout payments <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and competes with the likes of PayPal, Shopify and Square, was valued at $11 billion in January \u2014 the same month that founder 27-year-old Ryan Breslow attacked venture capital giants Sequoia and Y Combinator, as well as payments company S<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>e, for allegedly conspiring to sink his company.\u00a0<\/p>\n<p>Bolt tried to raise more cash at an even-higher $14 billion valuation just weeks later \u2014 but the company\u2019s valuation on the secondary market has fallen about 50% from its $11 billion peak in the months since Breslow\u2019s comments, private market sources told The Post.\u00a0<\/p>\n<p>One investor who bought into Bolt during a previous round is looking to sell off a large stake at a valuation of just $8 billion \u2014 but buyers are only willing to buy at maximum valuation of $6 billion as of last week, a private market source said.\u00a0<\/p>\n<p>Another private market source working to move Bolt shares told The Post in April that the company\u2019s real valuation is just $5.5 billion. \u00a0<\/p>\n<p>However, a source close to Bolt claimed that the company is receiving term sheets \u2014 non-binding agreements that come before legally binding contracts \u2014 from unnamed investors that value the company at $17 billion to $20 billion. <\/p>\n<p>Bolt declined to comment. <\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Sources said would-be backers\u2019 confidence in Bolt has been eroded partially by concerns about its leadership. <\/p>\n<p>Breslow stepped down as CEO just days after his attacks on Sequoia, Y Combinator and Stripe, which is a privately held payments company backed by both venture capital firms. He now serves as executive chairman. <\/p>\n<p>\u201cThere is too much management turnover,\u201d a private markets source said. <\/p>\n<p>A broader shakeout in the payments industry is also making investors jittery. Fast, another payments startup and Bolt rival that was backed by Stripe, suddenly shut down last week after failing to secure funding.\u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"\/>\n<p>Breslow taunted Stripe over the Fast\u2019s failure on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> Friday, posting a meme and writing, \u201cStripe didn\u2019t put $100m into fast, they donated $100m to bolt marketing. Best thing that could h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en.\u201d <\/p>\n<p>Larger publicly traded payments companies have likewise seen their stocks tank this year after soaring in 2020 and 2021. <\/p>\n<p>Shopify shares soared as high as $1,750 in November 2021 before collapsing more than 50% to about $644 on Friday. PayPal shares, likewise, soared above $300 last summer before falling to about $113. <\/p>\n<p>And shares of Jack Dorsey\u2019s Square parent company Block traded above $275 in August but are now hovering around $125.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-25-copy.jpg?w=1024\" alt=\"\" class=\"wp-image-21828076\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-25-copy.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-25-copy.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-25-copy.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bolt was looking to raise money at a $14 billion valuation earlier this year, but is now worth around $6 billion, private market sources said. <\/figcaption><figcaption><span class=\"credit\">Bolt<\/span><\/figcaption><\/figure>\n<p>\u201cBolt\u2019s fall is a combination of\u00a0Ryan\u00a0and the fintech space,\u201d the private market source said.\u00a0<\/p>\n<p>Ken Smythe of private capital advisory Next Round Capital blamed the dramatic rise and fall in Bolt\u2019s valuation on investor hubris.\u00a0<\/p>\n<p>\u201cWhen Bolt did their last round at an $11 billion valuation, then stepped it up to $14 billion just as the NASDAQ 100 peaked, you could say things were getting extremely frothy,\u201d Smythe told The Post. \u201cIf you\u2019re an investor writing Bolt a check at a 183x revenue multiple, then you\u2019re just asking for the trouble.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"713\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-24.jpg?w=1024\" alt=\"Bolt\" class=\"wp-image-21828100\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-24.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-24.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/bolt-24.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>\u201cIf you\u2019re an investor writing Bolt a check at a 183x revenue multiple, then you\u2019re just asking for the trouble,\u201d Ken Smythe of Next Round Capital said. <\/figcaption><figcaption><span class=\"credit\">Bolt<\/span><\/figcaption><\/figure>\n<p>\u201cAt the end of the day, investors are to blame for fueling the meteoric ascent in Bolt\u2019s valuation,\u201d Smythe added.<\/p>\n<p>If investors in Bolt\u2019s January round are already effectively underwater, the company could face trouble raising more cash in subsequent funding rounds. <\/p>\n<p>It\u2019s unclear how much money Bolt currently has in the bank, but the company announced Thursday that it\u2019s buying a cryptocurrency services startup called Wyre \u2014 a move the company said \u201cwill bring Coinbase-like functionality to all of commerce\u201d and \u201cintroduce cryptocurrency to a new generation of merchants and consumers.\u201d \u00a0<\/p>\n<p>The acquisition was valued at around $1.5 billion, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/crypto-startup-wyre-being-acquired-by-payments-company-bolt-for-1-5-billion-11649325602\">according to the Wall Street Journal<\/a>.\u00a0\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/11\/bolt-valuation-tanks-after-founder-slams-silicon-valley-mob-bosses\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Bolt valuation tanks after founder slams Silicon Valley &#8216;mob bosses&#8217;&#8221; A multibillion-dollar tech startup whose founder made waves earlier this year when he compared Silicon Valley to a \u201cboys\u2019 club\u201d full of \u201cmob bosses\u201d has since seen its valuation in the secondary market crumble, The Post has learned.\u00a0 San Francisco-based Bolt, which makes checkout payments&#8230;<\/p>\n","protected":false},"author":1,"featured_media":430177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/Ryan-Breslow-17.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74889,127847,33355,70917,70360],"class_list":["post-430176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-payments","tag-4-11-22","tag-silicon-valley","tag-startups","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=430176"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/430177"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=430176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=430176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=430176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}