‘We Were Fortunate on Timing’: 28-Year-Old SPAC Billionaire (3)

Oct. 5, 2020, 8:22 PM

Thomas Healy was secretly arranging a deal to turn his Texas-based truck electrification startup into a publicly traded company when the coronavirus pandemic struck.

The crisis halted many transactions, but not the one between special-purpose acquisition vehicle Tortoise Acquisition Corp. and Hyliion Inc., which Healy founded in 2015.

Thomas Healy
Source: Hyliion

The company created from the merger -- Hyliion Holdings Corp. -- began trading Friday in New York after shares in Tortoise surged more than 300% ahead of a shareholder vote last month. Healy’s stake is now worth more than $1.4 billion, making him one of the world’s youngest self-made billionaires. Still, ...

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