Bolt Founder Ryan Breslow Returns as CEO Amid Controversy

In a surprising turn of events, Ryan Breslow is once again the CEO of fintech company Bolt. Breslow, the outspoken founder of Bolt, had stepped down as CEO back in early 2022 amid allegations that he misled investors and violated securities laws during previous fundraising efforts.

However, Bolt has now announced that Breslow has been reinstated as CEO with the "unanimous approval" of the company's board of directors. The previous interim CEO, Justin Grooms, will now serve as Bolt's president.

Bolt, which provides software to retailers to speed up the checkout process, has faced significant challenges in recent years. The company was reportedly seeking to raise $200 million in equity and an additional $250 million in "marketing credits" at a lofty $14 billion valuation last year, with Breslow's return as CEO being a condition of that funding. However, that deal apparently stalled by September 2024.

As of the end of March 2024, Bolt had an annualized run rate of $28 million in revenue and $7 million in gross profit - metrics that would suggest the $14 billion valuation target was quite ambitious. Bolt has raised around $1 billion in total venture funding and was previously valued at $11 billion.

The return of Breslow as Bolt's CEO is sure to raise eyebrows, given the controversies that surrounded his previous tenure. Investors and the public will be closely watching to see if Breslow can steer the company back to stability and growth after a "challenging few years." The fintech space continues to be highly competitive, and Bolt's ability to regain momentum and market share will be crucial to its long-term success.