EV Startups Lose Over $40B After Taking SPAC Route: Report

Lightning

At their highs, five electric-vehicle startups that went public through mergers with SPACs were worth $60 billion, Bloomberg reports. The corrections that followed have been brutal.

Three of the companies plumbed new lows this week as short-seller attacks, management turmoil and execution issues lead investors to reconsider their prospects. They’ve lost more than $40 billion of market capitalization combined from their respective peaks. Read more.

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The Man Behind MAC – the Music SPAC

Neil Jacobson calls himself the best salesman in the music business. Now, the salesman is looking to buy. Earlier this year, Jacobson founded Music Acquisition Corp. (MAC) — billed as the music industry’s first SPAC, Rolling Stone reports.