Bolt names Mikko Salovaara as CFO ahead of IPO

Competition from established players: Bolt's rivalry with Uber, a well-established and heavily-funded competitor, could make it challenging for Bolt to achieve market dominance and sustainable profitability.

Lack of focus on core operations: The company's focus on preparing for an IPO may divert attention and resources away from core operational aspects, hampering growth and customer satisfaction.

Market volatility: The IPO market can be unpredictable, and Bolt's valuation of $8 billion is not guaranteed to hold up in a potentially volatile market.

Uncertainty about profitability: While Bolt's CEO claims the company will become profitable in the next 12 months, there may still be doubts about its ability to generate sustainable profits given the highly competitive nature of the industry.

Reliance on gig economy workers: Bolt's business model heavily relies on gig economy workers, which can be subject to labor disputes, legal challenges, or higher demands for workers' rights, potentially increasing operating costs and affecting profitability.

Timing of the CFO appointment: The decision to appoint a new CFO just before an IPO could disrupt the company's financial stability and create uncertainties for potential investors.

Lack of industry experience: Mikko Salovaara's previous experience as the CFO of a fintech firm may not be directly applicable to a ride-hailing and food delivery startup like Bolt.

Economic downturn risk: The global economic uncertainty, especially in the wake of the COVID-19 pandemic, could impact Bolt's ability to achieve profitability and pursue an IPO.

Regulatory challenges: The ride-hailing and food delivery industry is subject to increasing regulatory scrutiny, which could result in additional costs and hinder Bolt's growth prospects.

Potential IPO delay: Even with the expectation of being IPO-ready by 2025, there is a possibility of unforeseen circumstances or market conditions that could cause further delays.

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