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A Forbes cover story called "How SPACS Became Wall Street Money Tree" highlights some of the negatives of the SPAC industry. Tesla Inc (NASDAQ:TSLA) CEO Elon Musk tweeted in response to the article.
What Happened: The article from Forbes highlights some former SPACs like Waitr Holdings (NASDAQ:WTRH) and Multiplan Corporation (NYSE:MPLN) trading below $10 and other newer SPACs with red flags.
Caution strongly advised with SPACs
— Elon Musk (@elonmusk) November 19, 2020
Why It’s Important: Musk has over 40 million followers on Twitter. He is well respected by investors and has a cult-like following.
There are a number of companies considered Tesla rivals that have or will go public via the SPAC route.
Fisker Inc (NYSE:FSR) and Lordstown Motors (NASDAQ:RIDE) are building competing electric vehicles to Tesla.
Hyliion Holdings Corp (NYSE:HYLN) and Nikola Corporation (NASDAQ:NKLA) are both working on electric and hydrogen-powered Class 8 trucks that would compete with the upcoming Tesla Semi.
Related Link: Will The Real Elon Musk Please Stand Up: Another Twitter Bitcoin Scam
Canoo, going public via Hennessey Capital Acquisition (NASDAQ:HCAC) will offer an electric vehicle subscription service.
QuantumScape, going public via Kensington Acquisition Corp (NYSE:KCAC), Eos Energy Enterprises (NASDAQ:EOSE) and RMG Acquisition Corp (NYSE:RMG) target Romeo Power are all companies competing in the battery market with Tesla.
Posted In: EOSE FSR HCAC HYLN KCAC LCA MPLN NKLA RIDE RMG TSLA TTCF WTRH
