The merger machine that’s minted some of the world’s biggest new fortunes is also responsible for one of the largest wealth implosions, Bloomberg reports.
Arrival Ltd.’s Denis Sverdlov, who was worth $11.7 billion a year ago, lost his billionaire status last month as shares of the electric-vehicle maker he founded have cratered since combining with a special purpose acquisition company.
CIIG Merger stockholders in March 2021 approved the business combination with Arrival. The $660 million deal included a $400 million PIPE.
Announced in November 2020, the transaction valued the combined enterprise at $5.4 billion.
Sverdlov’s 94% decline in net worth is the largest wealth loss of anyone outside China who appeared on last year’s Bloomberg Billionaires Index, exceeding even the 90% drop of Carvana Co.’s Ernie Garcia III. Read more.
