A 28-Year Old Billionaire Wins the SPAC Lottery
Excerpts:
After the troubles at Nikola Corp. you’d think stock market investors would have had their fill of startups that promise to revolutionize the trucking world.
Yet this week another Texas-based truck electrification business, whose founder is even younger than Nikola’s, is poised to go public. And once again a special-purpose acquisition vehicle (or SPAC) is in the driving seat and making piles of money.
Hyliion Inc.’s 28-year-old chief executive officer, Thomas Healy, will become a paper billionaire
Continued:
Unlike Milton, Healy isn’t trying build an entire truck. Hyliion’s main goal is to supply hybrid and electric propulsion systems that can be slotted into various manufacturers’ existing heavy-truck models and thereby lower their emissions and the total cost of ownership.
And:
The retail investor frenzy that propelled Tesla Inc. to a $380 billion valuation this year — and valued Nikola at $29 billion — has boosted [...] Hyliion too. Hyliion encouraged the association by comparing the merits of the three companies’ technologies.
Submitted September 28, 2020 at 10:02PM by Torlek1 https://ift.tt/3jdJv0C
