The Wall Street Journal reported that an anti-woke bank that tried to woo customers who thought Wall Street was too liberal almost went bankrupt.
According to the WSJ's report, the startup descended into chaos within a matter of months despite the fact that it had backing from billionaires.
According to the company's website, GloriFi is a place for blue collar "pro-American values" people who want to celebrate their love of God and country.
Toby Neugebauer said he wanted to target people who didn't want to do business with large banks because they became too progressive.
Neugebauer told the WSJ that it was about his friends that played football. They don't feel appreciated. They don't think they're respected.
It has been a rough start for the company.
The staff had to work from the mansion in Dallas. Neugebauer told the paper that the attacks on what he do in his home after 5 pm are beneath him.
Unqork filed a lawsuit against the startup after it failed to meet its deadlines. According to lawsuit documentation viewed by the WSJ, an unnamed GloriFi manager was seen on camera in a state of undress on a bed with a companion who was similarly in a state of undress.
According to the WSJ, a plan to build credit cards out of the same material as shell casing fell apart when the material interfered with chips and was too thick for point of sale systems.
In March, Neugebauer informed investors the startup had run out of cash, and investors were understandably wary to give them any more funds, which resulted in the company coming close to Chapter 11.
The fate of GloriFi is not certain. An acquisition company valued the company at over $1 billion.
It's not surprising that the company hasn't released any projected earnings or presentations.
There is a new anti-Woke bank.
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