Scholz’s nephew’s startup breaks up after 2 1/2 years: “I’ve never seen anything like it”
Chancellor Olaf Scholz’s nephews Jacob and Fabian Scholz, along with their co-founder Levin Craig, had to file for bankruptcy for their company, Rhubarb. Rhubarb GmbH had to file for bankruptcy due to imminent bankruptcy, as “the financial commitments were unfortunately withdrawn”. This was done “to be able to exercise the restructuring options of the Insolvency Code at an early stage”.
“We are very sorry that we could not avoid this move. While we were still very optimistic in May, in the meantime the mood on capital markets has unfortunately deteriorated dramatically – due to the ongoing Ukraine war and the collapse of the crypto markets. reason”, says Rhubarb CEO Fabian Scholz.
“We sincerely apologize for the situation Rhubarb GmbH is in today,” Rhubarb said in a statement on Thursday. In retrospect, the chancellor’s nephew also admits he made serious mistakes in dealing with his financiers. They apologize for “a part of our communication style over the past few weeks that we should have handled better in retrospect”. The fintech company Rhubarb was founded just 29 months ago.
Investors angry at Scholz’s nephew: “I’ve never seen anything like this”
For bankruptcy, Rhubarb discussed various methods and options for resolution with its investors. “We are aware that our investors are not satisfied with the situation. We’re very sorry that we didn’t eventually find another way to keep the company going. All of us, our employees, partners and investors have put a lot of investment, passion and commitment into this project. It hurts to fail as a start-up.”
“Finally, we would like to strongly recommend that you do not speak to the press,” the founders of Rhubarb told their investors.
One financier has already leveled serious allegations against Scholz’s nephews at “Handelsblatt”: “I’ve never seen anything like this. How can you drive a fundraiser out of business in less than five months in February?” Because of his relationship with the Federal Chancellor, the financier thought at first, “they can’t do the Wild West there”.
Tip: What does the chancellor – Olaf Scholz earn and what does his wife contribute to the wealth
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