The Jetsons of the SPAC-Age
“Here’s my true story,” says our contributor today. “I bought 19 Bitcoins on Dec. 19, 2019 through the platform known at the time as Tradenix.io. This platform was supposedly located in New York City.
“At the time of purchase, each Bitcoin was valued at $7,150.00 USD; that translates to $135,850.00 USD. However, my Tradenix broker went to Hong Kong for the Christmas holidays, and I never heard from him again.
“I later discovered that I had been scammed out of my money. I attempted many times to call the number I had, but no one answered the phone. Months later, the phone was disconnected.
“Eventually, I heard from a company called Nittrex.io. I am not sure, but I believe they are the same people who operated Tradenix.io because their M.O. is the same.”
We feel for our reader… It’s galling that he was taken advantage of. We hope he checks back today because we found some information for him about this “brokerage” along with some steps he might be able to take.
Of course, our reader’s story is instructive: always make a good faith effort to vet brokers… especially when it comes to crypto.
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Friday, Feb. 12, 2021…
Take a SPAC for a Spin?
One of the financial stories of 2020 was the upsurge of SPACs. A SPAC (short for special purpose acquisition company) is a publicly traded blank check company that has “no hard assets or sales — but lots of cash to acquire another company or companies to be named later,” NBC reports.
The SPAC making news this morning is Reinvent Technology Partners (NYSE: RTP) which launched in Nov. 2020 by co-founders Reid Hoffman and Mark Pincus.
“Hoffman… sold LinkedIn, the professional networking site, to Microsoft for $26 billion in 2016, and Pincus… co-founded the video game maker Zynga,” The Financial Times says.
Now the duo is “nearing a deal to merge their blank cheque company with Joby Aviation, valuing the flying taxi developer at about $5.7 billion…
Courtesy: Joby Aviation
“Reinvent Technology Partners… which raised $690m in a public listing is finalising financing for the deal and an agreement could be announced later this month,” FT says.
Joby’s prototype — which has exceeded 600 test flights so far — will seek FAA certification in 2023, according to the company, with the hope of starting commercial flights in 2024.
(According to Joby’s website, a clear target market will be Los Angeles… a city legendary for its ubiquitous traffic. Via one online demonstration, the company claims its flying taxi can cut a 1 hour and 16 minute car commute from L.A. to Long Beach down to just 15 minutes.)
Despite its futuristic Jetsons appeal, is there a market for flying taxis? A joint study from Deloitte and the Aerospace Industries Association forecasts the U.S. “air mobility market” will deploy in 2025, rake in up to $115 billion in revenue by 2035 and create 280,000 new jobs.
All well and good, but what about Reinvent Technology Partners (RTP)? Shares are up almost 5% this morning (likely because of the Joby story), but the company’s targeting more than just flying taxis.
The SPAC is focused on multiple tech sectors that should benefit/innovate because of the pandemic — sectors including consumer Internet, e-commerce, payments, gaming, AI, SaaS, telehealth, autonomous vehicles and transportation.
So, if you have money to take a flyer on a more speculative investment, RTP is definitely one to consider.
Market Rundown for Friday, Feb. 12, 2021
S&P 500 futures are down 10 points to 3,900.
Oil’s down 13 cents to $58.11 for a barrel of West Texas crude.
The yellow metal’s in the red — down $11.80 to $1,815.20 per ounce.
Bitcoin is down $112.58 to $47,785.04.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
We hope you have a great weekend; we’re taking Presidents Day off, but we’ll have more to say Wednesday.
For the Rundown,