Dan Bilzerian’s latest business venture is turning out to be an expensive hobby. The King of Instagram has reportedly seen his new lifestyle company dump $50 million in a single year.
Insolvency
Ignite was set up to use Bilzerian’s image as a one-stop shop for party culture—selling everything from event essentials to cannabis and alcohol. Investors lined up to back the venture, convinced Bilzerian’s enormous social-media following made it a can’t-lose proposition.
On paper, it looked like a dream. What many failed to weigh properly was Bilzerian’s limited track record as an operator—and the persistent allegation that company money was treated like his personal piggy bank.
When Ignite filed its annual report on the Canadian Securities Exchange, it likely sparked a few raised eyebrows. How could a newly public company burn through so much cash in a single year?
Forbes dug into the numbers, and the picture that emerged was stark. Ignite’s “revenue” wasn’t being driven by product sales so much as financing.
Forbes continued:
“Ignite cash went to pay salaries, licensing fees, business expenses, and travel expenses for companies owned by the CEO,’ according to the report.”
Bilzerian reportedly used company funds to bankroll his lavish lifestyle, branding it as a “marketing expense.” It’s hardly shocking. The self-proclaimed poker millionaire has long claimed his wealth came from high-stakes games, but many believe the real source is a trust fund established by his father to conceal questionable profits.
Paul Bilzerian, a former Wall Street corporate raider, served prison time in the 1980s for multiple financial crimes. By the time authorities caught up with him, his assets had been hidden through a complex web of transactions, making it nearly impossible to trace where all the money went.
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