The Latest SPAC News and Rumors: January 10, 2023

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Ex-banker eyes M&A after SPAC deal forges $60B wealth firm, Virgin Orbit stock plunges as UK launch fails, and Palihapitiya says Musk will take SpaceX’s Starlink public in 2023

Ex-Banker Eyes M&A After SPAC Deal Forges $60 Billion Wealth Firm

Michael Tiedemann turned his back on a Wall Street banking career two decades ago to build a wealth-management firm targeting the world’s super-rich.

The former Credit Suisse First Boston executive grew his business in recent years by partnering with or backing buyouts of overseas rivals. Now, after completing a merger last week with Alvarium Investments through a blank-check company, he’s eyeing further deals.

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Virgin Orbit Stock Plunges as UK Launch Fails

Virgin Orbit’s (NASDAQ: VORB) much hyped “Start Me Up” launch from the United Kingdom failed on Monday, sending nine satellites plunging to their doom and the company’s stock price sinking to its lowest point ever. The failure raised more questions about the financial viability of Richard Branson’s cash-strapped company.

Virgin Orbit initially tweeted that its air-launched LauncherOne booster had succeeded in placing the satellites into orbit. It later tweeted that the mission had failed after the rocket suffered an unidentified anomaly. The company said it would provide more information at a later time.

Virgin Orbit has struggled with funding since going public at the end of 2021 by merging with NextGen Acquisition Corp. II.

Elon Musk could take SpaceX’s Starlink business public in 2023 to ‘give him a ton of more dry powder,’ Chamath Palihapitiya says

Elon Musk could take SpaceX’s Starlink satellite-internet business public this year, according to Chamath Palihapitiya.

In a recent episode of his All-In podcast, the so-called SPAC King said a Starlink IPO would be “an obvious outcome in 2023.”

“[Musk] talked about this on our pod, about the difficulties and the dangers of margin loans and all of that stuff,” Palihapitiya said, according to Bloomberg. “He’s going to create breathing room for himself. This is the simplest and most obvious way for him to do it. It’ll give him a ton of more dry powder.”