Almost Missing $10 Million Puma Deal, Usain Bolt Miserably Failed This Business Startup

Ever wondered how Usain Bolt manages to keep the cash flowing even after retiring? Well, take a peek at his Instagram, brimming with sponsorships from brands. And one brand “Puma” even pays him almost $10 million yearly. But how did it all begin for Bolt? His path, to achievement can be traced back to the countryside of Jamaica, where he cultivated ambitions of becoming a world-renowned athlete. Being the sportsman to secure gold medals in three Olympic Games, he has made a lasting impact on history.

Bolt’s record-breaking triumphs propelled him to prominence. These made him secure lucrative brand endorsements and accumulate a substantial $90 million net worth. Despite his unparalleled success on the track, he retired in 2017. However, post-retirement hasn’t been smooth sailing. Usain Bolt faced setbacks with his startup failing, followed by a significant loss of nearly $12 million due to fraud. Yet, amidst these challenges, his longtime partner from 2002 stood by his side, showing loyalty despite previous uncertainties.

Puma’s risky roll of the dice with Usain Bolt

Puma’s decision to maintain its sponsorship of Usain Bolt appears inevitable in hindsight, but a decade ago, doubts lingered. Despite Bolt’s eventual dominance with multiple Olympic gold medals and world championships, his shaky start in 2004, marked by performance issues and injury concerns, initially prompted consideration of dropping him. Yet, a pivotal reversal by Puma’s then-CEO, Jochen Zeitz, proved fortuitous as Bolt’s renewed focus, aided by coach Glen Mills, propelled him to unprecedented success. But what will he earn through just these sponsorships after retirement?

He made his choice from the start of his career and invested in what he planned. Usain Bolt co-founded a transportation startup called Bolt Mobility in 2013. This startup was aimed at personal transportation with a focus on small electric two-wheelers like mopeds and bikes. The company had raised $40.2 million in funding, along with an undisclosed investment from a lesser-known Indian firm called Ram Charan Company in May 2021 but in 2022 everything turned upside down.

What’s the truth behind the company’s downfall?

The company faced financial difficulties, leading to its collapse in July 2022. This not only left numerous scooters and e-bikes abandoned in cities across the United States but also left employees unpaid for months. Before shutting down, Bolt Mobility failed to issue paychecks to its employees for the entire month of June. Despite promises from Bolt’s leadership that they would receive backpay once funding from an Indian investor came through, the money never materialized. This left the ex-employees feeling deceived and frustrated. After media scrutiny, a Bolt Mobility spokesperson promised to compensate the employees in the following days, and eventually, the company paid out the employees. But Bolt’s troubles didn’t stop here only.

Last year, Usain Bolt suffered a devastating blow as a scammer siphoned off approximately $12 million from his retirement savings. Bolt’s investments with Stocks and Securities Limited (SSL) are in jeopardy, with recovery uncertain. The scam, which affected over 30 individuals, prompted an inquiry by the Jamaican Financial Services Commission (FSC), casting doubt on SSL’s oversight. Bolt’s entire career earnings have been wiped out, underscoring the dangers of financial fraud.