Latest news with #GetSwift
AU Financial Review
2 days ago
- Business
- AU Financial Review
Disgraced GetSwift founder is so ready for redemption
The most admirable quality of the start-up world is the possibility of redemption. Although key to starting the next chapter's arc is admitting some fault. It's alarming that so little can be detected in former GetSwift founder Joel Macdonald 's deeply strange return. Macdonald recently filmed a YouTube video (part vlog, part self-help screed) titled 'I LOST $200M ... and it almost KILLED me', sitting against what looks like a nondescript South Asian cityscape.
Time of India
2 days ago
- Business
- Time of India
Lost $200m in startup bust to alcohol addiction: Ex-AFL Joel Macdonald star reflects upon his downfall and how he fought back
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 was f---ing brutal,' Macdonald said in a recent YouTube interview. Macdonald turns back pages of life Live Events 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.
Daily Mail
2 days ago
- Business
- Daily Mail
Footy star Joel Macdonald reveals he turned to hallucinogenic drug after blowing $200million fortune in scandal that saw him slammed by top judge
Former AFL star Joel Macdonald has revealed why he turned to magic mushrooms after losing $200million following the dramatic collapse of his global tech business. MacDonald, 40, previously turned out for the Brisbane Lions and Melbourne Demons before turning his attention to the ill-fated GetSwift start-up in 2017. A luxurious lifestyle followed, before it all came crashing down, with a Federal Court judge stating the defender turned entrepreneur was focused on his bank balance, not 'his legal obligations as a director.' 'A few years ago I lost 200 was f---ing brutal,' Macdonald said in a recent YouTube interview. 'I was 30, I was on top of the world, I was one of Australia's youngest public company CEO's, first class (flights), best restaurants, young rich list and then BOOM! everything vanished.' Macdonald was ultimately was out of his depth, and in 2018 Get Swift's swift demise began. The Australian Securities Exchange suspended the company's trade over allegations Macdonald misled the market by overstating forecasts and failing to disclose the loss of major contracts. A record penalty of $15million followed in court, and Macdonald was also ordered to pay $1million in damages. Additionally, he was disqualified from managing corporations for 12 years. At the time, the court described GetSwift as a company that 'became a market darling because it adopted an unlawful public-relations-driven approach to corporate disclosure instigated and driven by those wielding power within the company.' Justice Michael Lee - who presided over the Brittany Higgins defamation trial - said Macdonald was trying to make money with 'little understanding or regard for his legal obligations as a director'. Macdonald admits his professional reputation was destroyed, and he turned to alcohol and anti-anxiety drugs as coping mechanisms. 'The rage I felt inside of me that it was all over was insane,' he said in the YouTube clip. 'There were dark moments when I just wanted to end it all. That was the only way I could see that the pain could go away....I don't wish that darkness on anyone.' A magic mushroom retreat, daily journaling, meditation and therapy followed, with Macdonald determined to become the best version of himself. And despite his wealth, Macdonald has conceded he wasn't happy at the height of his financial success - and now his focus is a freshly launched YouTube channel. 'If you're someone who's been beaten down, in a dark spot, rebuilding or just wants to have a massive crack on a global scale, then this channel is for you,' he says.
