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Miguel Cordon · · 1 min readGrab bosses to have combined fortune of $1.2b after SPAC deal
“Grab CEO Anthony Tan, co-founder Hooi Ling Tan, and president Ming Maa will have a combined fortune of US$1.2 billion following Grab’s SPAC deal,” Bloomberg reported, citing its Bloomberg Billionaires Index.
Details:
- Anthony Tan, who will hold 2.2% of the ride-hailing giant after the deal, will be worth US$829 million, while Hooi Ling Tan and Ming Maa are set to have fortunes of US$256 million and US$144 million, respectively.
- The report comes as shares of the US listing via a special purpose acquisition company (SPAC) almost hit US$3 above its deal price.
Context:
- Grab announced the SPAC deal with US-based Altimeter Growth earlier this month, which valued the Southeast Asian startup at roughly US$39.6 billion.
- According to a recent filing, Grab generated US$1.6 billion in adjusted net revenue last year and expects to be EBITDA (earnings before interest, tax, depreciation, and amortization) positive in 2023.
Editing by Collin Furtado and Eileen C. Ang
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