The sales include the entire holdings in OpenAI, Swedish Lovable, Eleven Labs, Cerebras Systems, and Alpaca, as well as more than half of the holding in Perplexity. According to de Poret, the move is about Flat Capital transitioning from being a passive investor to a more active owner with larger positions in portfolio companies. Flat Capital's portfolio is now dominated by three-quarters by Klarna, whose share price has fallen sharply on the New York Stock Exchange.
1 billion kronor with Klarna shares as collateral, and its own share has more than halved over the past six months. Speculations that the divestments may have been forced are dismissed by de Poret, who states to Di that the company has never been subject to a so-called margin call. The refinancing of the loan was carried out before the main sales took place.
Flat Capital now has a new credit facility of 100 million dollars with a term of up to two years, and the terms are described as more attractive and flexible than before. After the transactions, the net debt amounts to approximately 330 million kronor and the investment capacity to about 615 million kronor. It remains unclear what specific companies or assets Flat Capital plans to invest in with its new investment capacity, and the exact reasons behind the sharp fall in Klarna's share price have not been disclosed.