Big Take How a CEO’s Faked Results Led to a $300 Million Wipeout
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May 6, 2025 
David Ramli, a Bloomberg investing reporter based in Singapore, dives into the cautionary tale of Gibran Huzaifah, the CEO of eFishery, who used fake financial numbers to attract massive investments. The discussion reveals how a desperate bid for funding led to a shocking $300 million loss and highlights the ethical dilemmas faced by entrepreneurs in startup culture. Ramli also emphasizes the importance of transparency and integrity in business to prevent such disastrous falls from grace.
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Desperate CEO's Faked Numbers
- Gibran Huzaifa faked eFishery's financials out of desperation to save his business in 2018.
- That one spreadsheet turned him from a struggling founder into an investment magnet overnight.
Illusions Drive Investor Interest
- Manipulating financial data can create the illusion of success, attracting investor interest quickly.
- This highlights how perceived growth can be as impactful as actual performance in early-stage investing.
Faked Growth Turns into Unicorn
- Gibran kept faking numbers for years, turning eFishery into a unicorn on paper.
- By 2023, it was valued at over $1 billion, raising hundreds of millions from major global investors.