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Mega-SPAC Mints a $21 Billion Fortune That Collapses in Minutes

May 24, 2022, 4:40 PM

If the SPAC craze is over, it’s going out with a bang by making a Miami lawyer who has owned speedboats named “Class Action” and “Power of Attorney” one of the richest people in the US -- if only briefly.

MSP Recovery was valued at $32.6 billion in its merger with special purpose acquisition company Lionheart Acquisition Corp. II, the largest such combination ever in the US as measured by enterprise value. It began trading Tuesday on the Nasdaq, plunging more than 60% to $3.85 at 10:04 a.m. in New York, less than an hour after its debut.

MSP Recovery CEO John Ruiz speaks on Bloomberg Television.
10:04 a.m. in New York, less than an hour after its debut. MSP Recovery Founder and CEO John H. Ruiz speaks with Kriti Gupta and Jon Erlichman on “Bloomberg Markets.”

John ...