Startups in space travel, electric cars and hair loss treatments are the hot stocks of the SPAC boom. New billionaire Mat Ishbia has a novel idea: A SPAC boasting big profits and a dividend thanks to his massive mortgage company.t United Wholesale Mortgage’s 2019 holiday party, the prizes rained down like confetti: 10 Cadillacs, 100 all-inclusive vacations, free groceries for a year—a celebration of the firm’s $415 million annual profit.
On Friday, the deal officially closed, and UWM began trading on the New York Stock Exchange. Ishbia, who rang the opening bell, sold 6% of the company to a SPAC managed by billionaire investor Alec Gores, raising $925 million in cash at a $16 billion valuation. At the end of trading Friday, Ishbia’s 70% stake was worth $12.6 billion, enough to make him one of the 50 richest people in America. His brother Justin’s smaller stake is worth $4 billion.
The mortgage business was a no-brainer. Jeff envisioned it as an ancillary service for his legal clients. It took up little of his time; he hired two people to run the company and never even set up his own office. That year, Ishbia’s dad sat him down. “We made more money this year than we've ever made in our lives,” he said. “What do you want to do?”
Tell me about it~
We need to show these people that the world has not forgotten and we are not going to let them suffer and die.
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