DAN BILZERIAN, who many call the king of Instagram, is currently enjoying Croatia, where he rarely leaves his luxurious yacht (he made an exception when he visited the Krka waterfalls accompanied by seven beautiful women).
However, as he is posting wild photos from the yacht, Forbes writes that his company Ignite International Brands Ltd. is in trouble.
According to the annual financial report, the company lost as much as 50 million dollars last year.
Last year, Ignite "made money" in two ways: selling the shares and borrowing, and then it spent that huge amount on somebody else's money, according to Forbes.
The company allegedly sells its products in Mexico, Canada, Ireland, the UK, and the USA. Ignite sells hemp products, water, vodka, and clothes, and it spent 31.6 million dollars in 2019. Most of the money was used for marketing, promotion, rents, and salaries.
Forbes stated that their marketing and promotion budget was 16.4 million dollars, twice as much as they earned with sales.
Except spending a bunch of money on wild parties, it seems that Bilzerian used the company's money to pay his salary and cover travel expenses for other companies he owns.
"The company has to collect capital to continue production and expand on the market which could be influenced by the uncertain market conditions, including the ones due to the COVID-19 pandemic", said the Ignite Board of Directors.
By the way, Bilzerian accumulated wealth (which he squanders on women and parties) thanks to his father's trust, an expert for corporate takeover, Paul Bilzerian, which his father founded for Dan and his brother Adam.