Taking Control of the Narrative – Lessons from Flat Capital and Klarna

A potential deal worth SEK 9.5 billion is always interesting, especially when Klarna’s IPO-bound CEO Sebastian Siemiatkowski is at the center of attention.

Yesterday, First North–listed Flat Capital presented a proposal that was bound to provoke strong reactions. The company wants to merge Flat with Sebastian Siemiatkowski’s holding company that contains his Klarna shares. The deal would mean that Klarna would account for 95 percent of Flat’s net asset value going forward.

Retail investors’ criticism of Sebastian, who today is both chairman of the board and the main owner of Flat, has been clear: this was not the journey they invested in.

Now, what is interesting is how Sebastian chose to respond to the criticism. In addition to interviews on Di TV and Nyhetsbyrån Direkt, he started a thread on X where he met Flat’s 27,100 retail investors on their terms and answered their questions.

This is an example that contains both risks and opportunities. Above all, it shows how to take control of the narrative by communicating directly with retail investors. My belief is that the need for this type of direct communication will grow, especially for companies with a large base of engaged retail investors.

Want to discuss how your company can take control of the narrative? Contact Jonathan Segerström, jonathan.segerstrom@safircommunication.se

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