Investing
SPAC Produces One of World’s Biggest Billionaire Implosions
- Denis Sverdlov’s fortune has tumbled 94% in the past year
- Arrival founder is no longer a billionaire as shares crater
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The merger machine that’s minted some of the world’s biggest new fortunes is also responsible for one of the largest wealth implosions.
Arrival Ltd.’s Denis Sverdlov, who was worth $11.7 billion a year ago, lost his billionaire status last month as shares of the electric-vehicle maker he founded have cratered since combining with a special purpose acquisition company. His 94% decline in net worth is the largest wealth loss of anyone outside China who appeared on last year’s Bloomberg Billionaires Index, exceeding even the 90% drop of Carvana Co.’s Ernie Garcia III.