$350 Million Worth Alex Rodriguez’s Company Faces $300 Million Hit After Investors Take a Turn

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After saying goodbye to his playing career in the Bronx, Alex Rodriguez shifted his hard work from baseball to A-Rod Corp. However, recently, the former Yankee superstar has been hit by the changing mind of investors. [{ "selector": ".zkfdt-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".qgsoe-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(-116px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".wuacr-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 321px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

What happened?

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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.

A-Rod faces a $300M hit

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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 investors' redemption requests will leave the company with just $224 million, a massive drop from the $575 million fortune it raised two years ago.

A-Rod and the Timberwolves

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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.

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