If the SPAC craze is over, it’s going out with a bang by making a Miami lawyer who has owned speedboats named “Class Action” and “Power of Attorney” one of the richest people in the US — if only briefly, Bloomberg reports. Miami attorney John Ruiz owns a 65% stake in MSP Recovery (at least as of this morning), which sealed a SPAC deal last week.
MSP Recovery was valued at $32.6 billion in its merger with Lionheart Acquisition II, the largest such combination ever in the US as measured by enterprise value. It began trading today on the Nasdaq, plunging more than 60% to $3.85 shortly after 10 a.m. in New York, less than an hour after its debut. Read more.
