Billionaire Scores 3,000% Gain Through Electric-Vehicle SPAC
- Arrival Ltd. founder Denis Sverdlov now worth $11.7 billion
- Shareholders of blank-check firm approved the merger Friday
This article is for subscribers only.
Denis Sverdlov, a former Russian deputy minister, was already a wealthy man from a telecom startup when he turned his attention to electric vehicles and founded Arrival Ltd. in 2015.
Four years later, he’d injected about $450 million in the truck and bus maker through an investment firm. Then in November, he merged it with CIIG Merger Corp., a Special Purpose Acquisition Corp. -- or SPAC -- led by Peter Cuneo, the former chief executive officer of Marvel Entertainment.