In the SEC filing, Ruiz stated that LifeWallet had made $7.7 million in revenue and experienced a staggering net loss of $211 million, raising doubts about its viability.
John Ruiz has concluded that unless successful in raising additional funds, it is probable that LifeWallet cannot continue to operate as a viable business beyond the next twelve months.
Ruiz, dubbed 'Miami’s NIL king', transformed Miami's sports landscape post-NIL rules by investing over $10 million on athletes, showcasing his significant influence.
The financial struggles of LifeWallet could potentially impact the NIL deals that Ruiz secured for Miami athletes, raising concerns about the future of funding for these agreements.
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