Ex-NFL QB Colin Kaepernick Took a $7 Million Hit to His Net Worth After SPAC Investment Claimed High-Profile Casualty and Over $80 Million in Stock

Colin Kaepernick was the face of a SPAC. They are ‘blank check companies’ that look to acquire private firms. Recently, because of some issues, a SPAC related to the former QB took a colossal blow.

Investing in SPACs is all the rage these days. From high-profile celebrities to athletes, many have invested in a blank check company. But the SPAC with which the former NFL QB, Colin Kaepernick, was involved announced liquidation. The SPAC Mission Advancement Corp was close to sealing a deal with Change Co which works with minority borrowers that are underserved by traditional banks. Since the values are in tune with what the social activist and the athlete represent, many thought it was a done deal. But it did not go through because Mr Kaepernick showed reluctance.

Kaep refused to promote the merger live on television. The former San Francisco 49ers QB stepped back when the executives from Change Co requested him to make an appearance with George Stephanopoulos on ‘Good Morning America’. He also did not agree to participate in interviews. 

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“This mistake not only cost the sponsor $7 million in cash but also as much as $86 million in stock,” Klymochko tweeted. Famous faces like actor Tyler Perry, musicians like Quavo and J Cole, and athletes of the WNBA like Diana Taurasi and Maya Moore were potential investors because of Kaepernick’s involvement. According to the reports, the backers of the SPAC were ready to put $10 million into the agreement. In turn, the sponsors would receive $80 million in founder shares as payment. Although that deal could not see the light of day, there is something else that could excite Kaepernick.

A new documentary on Colin Kaepernick is in the works

Spike Lee, the director of many famous movies like Malcolm X, Do the Right Thing, etc, wants to show the world who the real Colin Kaepernick is. 

ESPN gave him the green light. Lee will show how the dedicated QB still wakes up at 4:30 in the morning to practice. Because whenever a team needs him, he’ll be ready to join them.

Number 7 has been out of the NFL since 2016. After he took a knee to protest against police brutality and racial injustice, Kaepernick was out of the league. Although he tried to complete workouts with teams now and then, Kaep could not get selected.

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