After saying goodbye to his playing career in the Bronx, Alex Rodriguez shifted his hard work from baseball to A-Rod Corp. Having played for several franchises, A-Rod’s journey to greatness was not as easy as it seems. Even after being abandoned by his father at a very young age, A-Rod enjoys a net worth of $350 million to his name.

However, recently, the former Yankee superstar has been hit by the changing mind of investors. Slam Corp., the special-purpose acquisition company (SPAC) or a blank-check company formed by Alex Rodriguez’s A-Rod Corp and hedge fund Antara Capital LP, got significantly hit by investors opting to back out from the fizzling SPAC industry.

Business mogul Alex Rodriguez faces a massive $300 million hit

As most recently reported by Bloomberg, A-Rod’s company witnessed 61% of investors swapping their shares for cash. Correspondingly, Slam Corp. lost 61% of its 57.5 million shares, which investors cashed in.

The investor’s redemption request will leave the company with only $224 million while dropping from the $575 million raised by them two years ago. The SPAC industry, which was once a hotbed of investment activity, has experienced a notable decline as of late. Investors have been rapidly withdrawing their funds, contributing to the industry’s continued erosion.

Read More: Despite a Whopping $13 Million Loss, Alex Rodriguez Managed to Keep His Millionaire Status Intact After Messy Divorce From Ex-Wife Cynthia Scurtis

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In recent months, prominent figures in the SPAC arena, including Alec Gores, a titan of the industry, and Colin Kaepernick, a former NFL quarterback turned activist, have opted to discontinue their previously ambitious endeavors.

Does this worsen A-Rod’s already prevalent problems with the Timberwolves?

Back in 2021, Alex Rodriguez and Marc Lore invested $250 million in the NBA’s Minnesota Timberwolves. Now, as the second round of payments approaches, A-Rod and Lore have been granted a delay to pay the additional $200 million despite a positive round of fund collections earlier this year. Amidst the hit faced by Slam Corp., could we see Alex Rodriguez struggle to continue his ownership of the Timberwolves?

What do you think about Alex Rodriguez – the businessman? Let us know your thoughts in the comments below.

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