Infinite Acquisition Corp. Nets F Kevin Durant resisted the struggling SPAC trend, posting a little positive comeback in ’21Getty Images
Betting on “flashy names … to boost blank check companies” this year has left investors “mostly in the red,” according to Bailey Lipschultz of BLOOMBERG NEWS. Twenty-one of 33 PSPCs linked to “famous public figures” “posted negative returns” for ’21. Without counting the SPAC linked to President Trump, which “recorded a phenomenal gain of over 400%”, the rest of the group recorded on average “an 11% drop until December 13, the rapper’s 84% Jay-Z plunging the worst of the bunch. ” Other members of the celebrity cohort “nearing record lows” include tennis player Serena Williams, as she was on the PSPC board of directors who “brought the downward spiral of Velo3D Inc. by 25% “. Nets F Kevin Durant is co-CEO of Infinite Acquisition Corp., while Mission Advancement Corp. has former NFL player Colin Kaepernick as a sponsor and former MLBer Alex Rodriguez runs Slam Corp. and a 2.5% drop. ”Lipschultz:“ It’s a tough and costly lesson: when a prominent person can call attention to a blank check company amid a glut of 155 billion dollars in new offers, it hardly guarantees superior returns ”(BLOOMBERG NEWS, 12/16).