Ignite Net Worth – How Much Does Dan Bilzerian Really Worth?
Founder/CEO Dan Bilzerian, who’s popular on social media, founded a company called Ignite in 2009 to sell products like water bottles, oils, and e-cigarettes. The company was briefly aiming to capture the legal cannabis market in the United States, but failed. Its stock prices dropped as low as $.36 last year, and its accumulated deficit hit $100 million. This has led to an FBI and SEC investigation. A grand jury subpoena has been served on Ignite.
A former employee of Bilzerian’s company, Curtis Heffernan, filed a lawsuit in the US Court of Southern California on Friday, alleging that he was wrongfully terminated. Heffernan claimed that Bilzerian used the money from the company to fund his opulent lifestyle. Heffernan alleges that Bilzerian’s spending was flagged by the company’s accountants, who considered $850,000 of the company’s expenses as a slush fund. The former Ignite executive also claims that the company misappropriated funds.
Heffernan says that Bilzerian sacked him because he refused to allow him to approve spending for his personal needs. Heffernan has alleged that Bilzerian spent at least $50,000 on a bed frame, and that he rented a $700,000 yacht. Heffernan’s lawsuit accuses Bilzerian of “massive misappropriation” of the company’s money. Heffernan argues that Ignite’s accountants should have notified him of the slush fund. Heffernan was the acting president of Ignite.
Bilzerian has a house in Las Vegas with seventy parking spaces and a bowling alley, and he’s been photographed with women in bikinis. He’s also an actor and professional poker player, and his popularity has grown due to his flamboyant lifestyle. He’s gotten over 32.7 million followers on Instagram. However, he has faced a backlash from the poker community. He’s been accused of using his money to gamble, and of trying to make his life appear “better” than it really is. He’s been sued by a number of business partners, and has been slapped with a wrongful termination suit.
Ignite has been in financial trouble since its inception, and it was reported that the company lost more than $50 million in 2019. But the company has managed to claw back to a loss of $19.7 million in the fourth quarter of 2020. In the first six months of 2022, Ignite’s profits were $8 million. That’s still not enough to cover the CEO’s extravagant spending, and the company is reportedly expected to go bankrupt within a few weeks.
The company had been under investigation by the FBI and the SEC before August. The company posted annual financial statements with Canadian regulators. After the investigation began, Ignite changed its debt management. It swapped some of its debt for shares, and received loans from the Small Business Administration (SBA). In addition, the company received assistance from former President Donald Trump’s federal government.
The company’s net worth is currently $1,322 through 3 Mar 2022. Ignite’s stock price is down to $0.49. Ignite is expected to file for bankruptcy in the coming weeks, and the company is expected to owe $40 million to investors.