Facebook Billionaire Eduardo Saverin’s B Capital Abandons SPAC Plans Amid Market Volatility

Facebook Billionaire Eduardo Saverin’s B Capital Abandons SPAC Plans Amid Market Volatility

Share to Linkedin B Capital—an investment firm led by Facebook cofounder Eduardo Saverin and former Bain Capital executive Raj Ganguly—won't pursue an earlier plan to launch a special purpose acquisition company (SPAC), joining a growing number of companies pulling the plug on such deals amid surging market volatility. "We've looked at the option to do our own SPAC," Ganguly, managing partner of B-Capital, said in a recent interview with Forbes Asia via video conferencing. "At this point, we don't have any current plans to do a SPAC. We do think the SPAC market is an interesting market that got quite overheated last year." In February 2021, B Capital filed paperwork with the U. S. Securities and Exchange Commission to raise $300 million for a SPAC, dubbed B Capital Technology Opportunities Corp. Since then, investors' appetites for SPACs have turned sour as the Covid-19 pandemic continued to disrupt the global economy and global equity prices plunged as Russia invaded Ukraine. Many of the high-profile SPAC-sponsored listings have tanked, with shares of Southeast Asian ride-hailing and delivery giant Grab trading well below their IPO prices amid concern over the company's deepening losses. "Right now, it doesn't seem like a positive environment for