Bolt CEO Ryan Breslow explains his troubled $30M personal loan, announces new ‘super app’

Bolt’s controversial co-founder Ryan Breslow, who returned as CEO earlier this month, spoke on Monday about the $30 million personal loan he took out of his company that sparked legal battles and contributed to his (temporary) ouster. Breslow also announced that Bolt will launch an “everything app” that will integrate one-click checkouts for everything from crypto to financial services “very soon.” The legal battle over the loan began in 2023, when Bolt investor Activant sued Breslow. Activant claimed Breslow saddled the startup with $30 million in debt by borrowing that amount and then defaulting, with company funds used to pay it back. The case was eventually settled, with Bolt agreeing to repurchase Activant’s shares for $37 million last year. Speaking at Fintech Meetup in Las Vegas yesterday, Breslow defended the loan, framing it as an act of loyalty to Bolt rather than the self-dealing the Activant lawsuit alleged it was. He said he did the loan instead of selling his stock i ... Read full article.