Dan Bilzerian Lost $50 Million (& Can He Get It Back?)

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Dan Blizerian is known for his controversial lifestyle and can be found on Instagram boating to his over 20 million followers. One thing that the amateur poker player playboy won't be bragging about is how he lost $50 million dollars. The real question is: can he get his fortune back?

The Man Behind The Debt

Hop over to Dan Blizerian's Instagram account and you will see snaps of his lavish $1.8 million dollar Shelby Cobra or his $6 million dollar private plane. One thing you won't see Blizerian bragging about is the $50 million dollars he lost.

With a lifestyle so outrageously free of moral or financial constraints, it would appear that the American actor has it all-- beautiful women on his social media feed, traveling to exotic locations with enough money to boot, and being the CEO of a well-known company. Growing up in a very wealthy family made Bilzerian even more accustomed to living a luxury lifestyle.

Dubbed as the "King of Instagram," he made his social media breakthrough in 2012 by showcasing pictures of his lavish lifestyle. Now, the truth is starting to seep out about the internet icon's source of wealth when his company Ignite went belly up and he lost $50 million dollars.

Smoke and Mirrors Behind Dan Blizerian's Wealth

The 40-year-old is the CEO of Ignite International Brands; the company operates in Mexico, Canada, Ireland, the United Kingston, and the United States. Ignite Brands sells CBD-infused products, such as CBD-infused toothpicks and nicotine vape juice. The company also markets vodka, clothing, and water. Despite the company's best efforts to get ahead on the CBD craze, the Canadian Stock Exchange reported in June that in 2019 Ignite International experienced $67 million dollars in losses.

After Blizerian's confidentially praised his entrepreneurial skills, it may come off as a surprise as to how he came to lose millions of dollars. In 2019 when he established his brand Ignite, it was reported that each share of the company was listed at $2.5 million, according to Sports Skeeda. One devastating blow was when no one ended up investing in Blizerian's company, making Ignite drop to 54 cents per share.

After the crumbling of Ignite, Blizerian's lavish lifestyle began to unravel. Soon, it was revealed that his $65 million mansion wasn't even his as he has been defaulting on rent for a long time. It didn't take long for people to question the King of Instagram's foundation; rumors swirled that he squandered his trust fund money and worse, that his father was actually running Ignite all along.

How Dan Blizerian Lost His Company Millions

As reported by YouTube, Ignite's downfall came to this: it had a lot of other peoples' money that it had to be responsible for in order to make the business work. Dan Bilzerian's penchant for throwing lavish marketing parties for Ignite cost him a staggering loss of $32.3 million in 2019. This mountain of expense not only included marketing costs, but leases on offices and compensation for staff; way over the proposed budget of $16.7 million.

Blizerian used Ignite as his own personal piggy bank: renting his lavish, 12 bedroom mansion for $200,000 a month under the company's name. Also, owning stakes in other companies located in Montana and Nevada, it has been reported that the cash from Ignite has paid for salaries, business and traveling expenses, and licensing fees for those companies.

It's apparent that if Blizerian doesn't get his hands on some adequate cash fast, operations for Ignite could cease. However, there is a strategy to get the funds and keep the company afloat.

What He Is Doing to Get His Millions Back

As reported by TheRichest YouTube channel, Ignite has received $1.2 million from the paycheck protection program as well as the company applying for loan forgiveness. Many may ask if Blizerian should be given the benefit of the doubt; should his company deserve a bailout? The self-made millionaire has praised his business skills although it's no secret that he's been blowing through cash like crazy. His net worth is $200 million, according to Celebrity Networth; his fortune is thanks to playing poker, being "Instafamous," and alot of endorsement deals.

In conclusion, it looks like things may not pick up for the Ignite company anytime soon. Since the announcement of the company's downfall, Ignite's stock dropped 13%. And for the playboy Insta-star himself? It appears like Dan Blizerian isn't too worried about the fallout. Perhaps he is confident that he can get himself out of this financial turmoil. Only time will tell if he will be able to swim out from underneath the shamble of his big loss.

Sources: Sports Skeeda, YouTube, Celebrity Networth