Revolut has proposed increasing the amount chief executive Nik Storonsky can borrow against his stake fivefold to $250mn, while also removing a requirement for board approval on larger share pledges, according to documents reviewed by the FT.
The current articles cap his borrowing at $50mn; the new articles, drafted under Project Shasta, would raise the cap to $250mn and expand the classes of shares usable as collateral. Nik Storonsky owns about 29 % of the company, which was valued at $115bn in a recent employee secondary sale, and a potential $200bn valuation would make his holding worth roughly $80bn.
Revolut said the update reflects its current scale and that any borrowing remains subject to regulatory rules. Nik Storonsky could still exceed the $250mn cap with board and 75 % shareholder approval.
Source: Financial Times Markets · Summarized by HeadlinesBriefing