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Singapore Had a New Billionaire for a Few Hours Before Grab Slid

  • Grab declines 21% on first day of trading after SPAC merger
  • Tan still joins the ranks of world’s richest even with slump
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WATCH: Grab co-founder Hooi Ling Tan says the ride-hailing company’s super-app strategy is more resilient to Covid-19 threats.Source: Bloomberg

“The stock will go up and it will go down,” said Anthony Tan, co-founder of Grab Holdings Ltd., moments after Nasdaq’s bell-ringing ceremony in Singapore Thursday night, the first such event held in Southeast Asia. 

He was right on the money. Grab soared in pre-market trading in New York but after opening at $13.06 the shares tumbled more than 21% on their first day. The stock made its debut after the ride-hailing and delivery company completed its merger with the blank-check firm of Brad Gerstner’s Altimeter Capital Management, the largest deal yet to close for a special purpose acquisition company.