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Hyliion Inc.'s CEO wins the SPAC lottery, becomes billionaire

Bloomberg
Bloomberg9/29/2020 02:56 PM GMT+08  • 5 min read
Hyliion Inc.'s CEO wins the SPAC lottery, becomes billionaire
Tortoise shares have more than quadrupled in value since the merger announcement.
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After the troubles at Nikola Corp. you’d think stock market investors would have had their fill of startups that promise to revolutionize the trucking world.

Yet this week another Texas-based truck electrification business, whose founder is even younger than Nikola’s, is poised to go public. And once again a special-purpose acquisition vehicle (or SPAC) is in the driving seat and making piles of money.

Hyliion Inc.’s 28-year-old chief executive officer, Thomas Healy, will become a paper billionaire — a fact that’s sure to capture plenty of attention — as long as the shareholders of cash shell Tortoise Acquisition Corp. vote on Monday in favour of a merger with his company.

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