Will Millionaire Alex Rodriguez Go Down the Dreaded Colin Kaepernick Route After Suffering a Seismic $300 Million SPAC Hit?

Starting A-Rod Corp as a teenager displayed the mind of a visionary, who didn’t limit his foresight to his MLB career. Alex Rodriguez, who made his MLB debut at the young age of 18 after giving up a college baseball scholarship, moved to grow A-Rod Corp to a new high after retiring from baseball in 2016. In consonance with his dream of growing A-Rod Corp to a whole different level, the former baseballer founded multiple companies under the umbrella of A-Rod Corp.

Amongst them was Slam Corp., a special purpose acquisition company (SPAC) or a blank-check company founded by A-Rod Corp and a hedge fund, Antara Capital LP. However, after major investors shift, Slam Corp is reportedly set to lose $300 million, and Alex Rodriguez will confront a difficult decision.

A major financial decision preceding Alex Rodriguez. What will he do?

According to the latest report by Bloomberg, A-Rod’s company has experienced a significant decline in investor participation, with 61% of shareholders opting to exchange their shares for cash.

As a result, Slam Corp. has suffered a loss of 61% of its 57.5 million shares, which have been redeemed by investors for monetary compensation. This redemption request has left the company with a mere $224 million in funds, marking a considerable drop from the $575 million it had raised just two years ago.

The major hit over $300 million faced by Slam Corp., comes at a poor time for A-Rod, who is already facing a race against time with the Minnesota Timberwolves. As a result, the former Yankees star is left with two difficult options. One would be to go the way of former NFL quarterback turned activist Colin Kaepernick went, who opted to shut down his company.

Per data from S&P Global Market Intelligence, the U.S. SPAC market has significantly declined from its peak in 2021. Specifically, in the first three quarters of 2022, only 78 SPAC initial public offerings (IPOs) were observed, which is a substantial decrease from the 444 SPAC IPOs recorded during the same period last year.

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An already downfallen industry coupled with his financial woes with the Timberwolves, the mogul could consider losing this company before the situation worsens.

What do you think will Alex Rodriguez do? Sell the company or trust his instinct and find his way through this rough patch? Let us know your thoughts in the comments below!

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