How Clever Deals Made Houston Rockets Owner Tilman Fertitta Billions Richer During The Pandemic

how clever deals made houston rockets owner tilman fertitta billions richer during the pandemic

Sumary of How Clever Deals Made Houston Rockets Owner Tilman Fertitta Billions Richer During The Pandemic:

  • Instead, he’s getting richer by making use of the era’s hottest financial trend: the special purpose acquisition company, or SPAC.
  • ) SPACs, of course, are publicly traded shell companies that raise money to facilitate a future merger with an unnamed private company that might not have the heft or the patience to do a traditional initial public offering, with all the federal scrutiny that entails.
  • SPACs have boomed the last two years thanks in no small part to all the cheap money the Federal Reserve has pumped into the economy.
  • United Wholesale Mortgage CEO Mat Ishbia is now worth around $8 billion (down from almost $13 billion since January) after his family-owned company went public through a merger with a SPAC sponsored by billionaire investor Alec Gores, who has done eight such deals.
  • He received $160 million in forgivable federal paycheck protection program loans—but gave it all back to Uncle Sam after public outrage over big operators getting cash intended to help small businesses.
  • ” Instead, that April, he drew an emergency $300 million loan at a rate of nearly 13% against his Golden Nugget Online Gaming division (GNOG), which had become a pandemic bright spot, with people stuck at home gambling their federal stimulus money.

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