/biz/ - Business & Finance

Dan Bilzerian is being accused of using his company's funds to pay for hot models lavish lifestyle, and personal expenses.
>Heffernan, who was Ignite's Executive VP, claims he flagged tons of purchases to the company board, such as lavish spending on a $75,000 paintball field, $40k on a rock climbing wall, $60k on a 'Star Wars' gun set, $31k on pool renovations, $50k on a bed frame, $15k on a ping pong table and $88k on a vault.
>In the docs, Heffernan claims Dan's company was also burning tons of money on luxury yacht rentals, plus transportation for hot models ... and he says he found other "business expenses" that turned out to be charges for groceries and various household items.
His company is also on its last legs.
>In 2019, Ignite lost $43 million on operational costs alone, mostly marketing and promotion, leases on offices, and compensation for staff and executives.
>Posting fat losses isn’t entirely unheard of for early stage companies in Silicon Valley, but what is uncommon is how bloated and profligate Bilzerian’s company managed to become in less than one year.
>Ignite’s budget for “marketing and promotion” was $22.26 million, or more than twice what the company managed to register in sales revenue.
>For every dollar in sales ($9.6 million) the company spends almost two dollars on general and administrative costs ($18.4 million).