Aleksandr “Shurick” Agapitov, the CEO and founder of Xsolla, is known for his extravagant spending to promote his company, which plays a pivotal role in the $188 billion gaming industry. From lavish booths at major gaming events like Gamescom in Cologne, Germany, to organizing Go-Karting tournaments in Las Vegas, Xsolla’s presence is felt far and wide. The company has been known to invest up to $275,000 per event, solidifying its position as a leading payments facilitator for popular games such as Roblox and Fortnite.
Agapitov, who started Xsolla and remains its sole owner, has crafted a public image as a “visionary billionaire” who has overcome humble beginnings in the former Soviet Union. However, legal and financial documents reviewed by Bloomberg, along with interviews with former employees, suggest that Agapitov’s high-flying lifestyle is significantly supported by the company’s revenues.
Xsolla and Agapitov maintain that all financial dealings are conducted in strict accordance with best practices and legal requirements. The company insists that it operates responsibly and in full compliance with applicable laws and regulations.
Despite these assertions, at least six former executives have filed lawsuits against Agapitov or Xsolla since 2019. Two of these cases raised concerns about the company’s financial practices, with one alleging that Agapitov has used Xsolla as his personal piggy bank.
David Stelzer, Xsolla’s president, defended the company’s financial management, stating, “Xsolla, a privately owned company, manages its financial affairs responsibly and in full compliance with applicable laws and regulations. Shurick is the sole owner of the business, and all financial arrangements related to the company are vetted through highly reputable third-party legal, financial, and tax experts and a robust internal team of lawyers and financial advisors.” Stelzer also challenged the accuracy of the financial documents obtained by Bloomberg.
Xsolla, which is a key partner for several publicly traded gaming companies, previously explored the possibility of an initial public offering (IPO). In 2021, documents prepared by two investment banks suggested that the company could seek a valuation as high as $3 billion. However, Stelzer confirmed that there are no current plans to pursue an IPO.
According to a deposition by a former chief financial officer, Xsolla generated approximately $67 million in revenue in 2020. In 2021, Bloomberg reported that the company’s revenue had approached $100 million, and Agapitov claims that Xsolla’s revenue has since doubled, driven by the company’s approximately 5% fee on gamers’ transactions and other business activities like publishing. However, sources familiar with the company’s finances, who requested anonymity due to professional concerns, believe that Agapitov’s revenue estimates may be overstated.
Financial documents reviewed by Bloomberg indicate that over $100 million—more than a third of the revenue generated between March 2021 and March 2023—was transferred from an Xsolla bank account to Agapitov personally. In 2023 alone, Agapitov reportedly transferred about $70 million from the company to his personal accounts, accounting for 64% of the total amount transferred during that two-year period. These funds were used for various personal expenses, including maintaining Agapitov’s Los Angeles mansion, funding a life-longevity nonprofit associated with him, and covering private jet costs.
The documents also show that Agapitov would transfer amounts as high as $25 million back to the company’s account, typically between five and 21 days after the initial withdrawal. However, these repayments did not generally match the original transfer amounts.
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