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EV Startups Lose Over $40 Billion After Taking SPAC Route Public

  • At respective peaks, five EV makers were worth $60 billion
  • Short attacks and shake-ups contribute to sliding valuations
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SPAC Market Has Dried Up, Bill Foley Says

At their highs, five electric-vehicle startups that went public through mergers with special purpose acquisition companies were worth $60 billion. 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.