Lost $200m in startup bust to alcohol addiction: Ex-AFL Joel Macdonald star reflects upon his downfall and how he fought back

Time of India

2 days ago

Joel Macdonald
, former
Australian Football League
(AFL) star, has revealed the reason behind him turning to
magic mushrooms
after he lost $200million after the collapse of his global tech business. MacDonald, 40, who played for the Brisbane Lions and Melbourne Demons, retired in 2013 after which he turned his attention to
GetSwift
, his start-up in 2017.
Following the launch of his startup, MacDonald enjoyed a luxurious lifestyle which was short-lived after everything fell apart following a ruling by a federal court judge.
According to a Sydney Morning Herald report, the former AFL star was ordered to pay $1 million and was also disqualified from managing corporations for 12 years, as the Federal Court handed logistics provider GetSwift the largest-ever penalty for breaching continuous disclosure laws.
The court stated that the defender turned entrepreneur was focused on his bank balance, not 'his legal obligations as a director.' 'A few years ago I lost 200 million...it was f---ing brutal,' Macdonald said in a recent YouTube interview.
Macdonald turns back pages of life
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Speaking about his downfall in the interview, MacDonald claimed that at the age of 30 he was at the top of the world. He also said that during that time he was one of Australia's youngest public company CEO's who was enjoying first class (flights), best restaurants.
Macdonald, who claimed to be in the young rich list before everything vanished, was ultimately out of his depth in 2018 when Get Swift's downfall began.
Macdonald's company's trade was suspended by the Australian Securities Exchange over allegations that he misled the market by overstating forecasts and failing to disclose the loss of major contracts.
To make matters worse for him, a record penalty of $15million followed and Macdonald was also ordered to pay $1million in damages, according to media reports. He was also disqualified from managing corporations for 12 years.
The court, at the time, described Macdonald's startup GetSwift as a company that 'became a market darling because it adopted an unlawful public-relations-driven approach to corporate disclosure. It further said that the company was instigated and driven by those wielding power within the company.'
How Macdonald brought best out of him after downfall
The
NFL
star admitted that his professional reputation was destroyed and he resorted to consuming alcohol and anti-anxiety drugs as a coping mechanism. 'The rage I felt inside of me that it was all over was insane,' he said.
Macdonald also revealed that a magic mushroom retreat, daily journaling, meditation and therapy helped in becoming the best version of himself.
Magic mushroom retreats are guided, multi-day experiences which are designed for healing and personal growth. As a part of the experience, participants consume psilocybin mushrooms in a safe, supportive setting with trained facilitators.