, Columnist
Michael Klein Hits the SPAC Jackpot With Reddit-Adored Lucid
Despite the big potential payday, the former Citi rainmaker can’t be entirely comfortable with the way shares in Churchill Capital IV have surged.
Entirely lucid.
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Having a $2 billion pot of cash is pretty nice but what if shareholders told you that cash is really worth about $15 billion? It sounds like a great problem to have, but it creates complications too.
This is essentially what’s happened to Churchill Capital Corp IV, the largest of Michael Klein’s seven special purpose acquisition companies. CCIV, the ticker by which the former Citi banker’s SPAC is known by Redditors and other retail fans, is at the center of the stock market’s latest bout of speculative mania. As with Tesla Inc., this one also involves an electric-vehicle company.