FUSE
Fusemachines Inc. Common stock
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"A MoneyLion ($ML) sleeps in the heart of every ape" - Malaysian proverb
Trying to find if the PIPE has a lock-up period - $FUSE -> $ML MoneyLion
Options Hedging for 20 SEP 21: SDC IRNT GME SPY+
AMA#14 $FUSE - Fusion Acquisition Corp - MoneyLion w/CEO Dee Choubey - 09/13/2021 4 pm ET
FUSE MoneyLion merger vote set for September 21. Symbol will be ML on NYSE if approved.
De-SPAC Performance of SPACs Trading at NAV Heading Into Merger
AMA#5 - Dee Choubey CEO MoneyLion($FUSE) - 6/8/2021 - 5:00 pm Eastern
Introducing Fuse (FUSE), an ‘Out-Of-the-Box’ Solution for Decentralized Economies
AMA's Confirmed for the week of June 1st (Payoneer $FTOC, $SEAC, $FUSE)
Upcoming AMA from top 15 value SPACs in the next few weeks (Ackman, Chamath, Betsy Cohen etc)
Buy FUSE Stock Before MoneyLion Merger to Ride the Fintech Wave
Of all the 10$ post-DA SPACs, which one will fail merger vote first?
DD#11: $FUSE/MoneyLion part IV: Transcript of Interview with Dee Choubey CEO, Crypto Exposure, and PT$25
How to turn recent SPAC losses into future gains: Strategies for repositioning your holdings for maximum profit, told from the perspectives of Logical Leo and Emotional Ed.
Comparison of Fintech SPACs: BFT, FTOC, FTCV, IPOE, FUSE, FSRV, and VIH
Volumes are way down so use today as a research day. Maybe find a Cobalt play for the Commodity price rise...
TWND rumor/loi/da is very near as its second spac just files Form S-1.
Boys, you're welcome for that FUSE spike. I sold literally seven minutes before it happened.
Rover and MoneyLion DOUBLE SPAC MERGER - SPACs OF THE WEEK!!
Mentions
I'm still deciding what crayons to eat. FUSE and MUSH, but I'm retarded.
Gosh so many to be added PSTH, HYLN, FUSE, BoWX
Because I eat crayons. MUSH, FUSE, CSTR
CSTR FUSE and MUSH. I like the Stonks!
Dip is delicious. $FUSE $MEGA $MUSH
Buying. $FUSE $GOEV $MUSH
I'm just drunk, but here goes. $MUSH $FUSE $MEGA $AAB and for the pot crowd $HVT
I like the stocks. $FUSE $MEGA $MUSH $CSTR $GOEV $AAB
$MUSH $CSTR $FUSE $GOEV $ASTR I just like the stock's...and Crayons.
Going to ponder buying more $MUSH $FUSE $HVT and $CSTR. I will also join our American friends in solidarity and enjoy turkey and all the fixings!
$MUSH $GOEV $FUSE $CSTR $HVT MUSH is a mess but I like the stock.
Can confirm. Was in overpriced FUSE warrants & should have taken the L when it was announced. Some tickers the market just doesn’t like. RKT is another one.
Loads of folks lost money on $FUSE/ML. I do not think you will get much interest here unfortunately.
It's February all over again, lots of people will get burned. Does no one remember ML/FUSE or the other SPACs that failed to take off because they were so heavily pumped that arbs are selling their shares instead of redeeming?
I remember this sub shitting all over the Playboy SPAC while talking up nothing burgers like FUSE.
Congrats on getting out before it went down! I made a tiny profit with FUSE based on the management hype. Once they announced ML, I jumped ship quickly. So much wasted potential with that one. :\[
I had AMC at $6 & ran to my computer to sell when I woke up in the morning & saw it was at $15. (West coast) Moved that to FUSE/ML warrants at 2.75. lol
>Is it my imagination or may Moneylion make an unlikely comeback? Rising afterhours. Looking at my Webull PL = I saw that I made money on ML. I was shocked - I realized that I had FUSE under 11 and sold it at 12.15 on DA pump. Unbelievable.
So where does FUSE/ML rank in r/SPACs greatest bagholder-creating stocks of all time? How does it stack up against GIK, GHIV, THCB, etc.?
I like how over time some SPACs (looking at you FUSE/ML) have been in both camps.
Man... IMO it's almost been immediately every time... I sold my FUSE shares, but didn't buy puts in time... 1/2 win here I guess.... More like I didn't lose round 1 and and didn't win round 2. All that's left is round 3.... Scoop the bottom!
-30% on FUSE currently I might have fucked up. Maybe if I tried buying the dip for the 3rd and a final time to try to minimize my losses.. How low can it really go?
I feel kinda dirty watching these mathletes try to will a squeeze out of ML after I tripled up on FUSE warrants back in the day.
Ngl - pretty crazy that the ML folks forgot what FUSE did to them months ago.
There is nothing at all to suggest any of the unredeemed class A FUSE (now ML) shares are subject to lockup. FUSE/ML is no different to any of the many, many other SPACs that have gone through the merger process.
> What does the 5.5M number of shares represent and why are those locked? Are those the earn out shares that you've mentioned? This isn't clear to me either. The S-4 states that 17.5M earnout shares will be issued in 2 tranches of 7.5M and 10M shares respectively. So how is 5.5M of FUSE shares being locked up related to that?
How do you figure that FUSE and ML execs hold most of the 9.1M?
These 2 images are important to understand what happened with ML and are probably why redemption numbers took so long to put out. - [Exhibit A](https://i.imgur.com/ytenT76.png): Notice the "Cash Proceeds to Selling Shareholders" line, the $100M difference in "Sellers’ Equity" between both columns, and the (1) citation - [Exhibit B](https://i.imgur.com/RagzsUJ.png): This fully explains what's going on in the above image. Most important tidbit: > if there was additional cash above the $260 million minimum cash condition, then this excess amount, subject to a maximum amount of $100 million, would be made available to make an offer to existing MoneyLion equityholders to buy their shares at a price of $10 per share Cash proceeds to ML net transaction expenses & debt paydown was roughly $290M. That left an excess of up to $30M to cash out ML executives, of which $21M was used (2,150,962 shares redeemed total). Someone better at accounting will have to let us know where those shares went, but I have to imagine the delay had to do with executives figuring out how much they each wanted to redeem. Keep in mind that none of the above is related to the FUSE's free float immediately following de-SPAC. For as simple as the math is on that one, it's somehow become a whole 'nother can of worms.
[Looking at August redemptions.](https://www.reddit.com/r/SPACs/comments/pkw978/spac_redemption_rate_in_august/) DFNS had 17.25M class A shares. 15.93M were redeemed = 92.3% redemptions. SPNV had 40.25M class A shares. 36.86M were redeemed = 91.6% redemptions. NSH had 23M class A shares. 21.02M were redeemed = 91.4% redemptions. FUSE had 35M class A shares. 25.89M were redeemed... yeah that's 74% redemptions not 97% unless we are suddenly going to change the way we calculate redemptions just to get a nice figure for ML. There is nothing in the [initial S-1 IPO registration](https://docoh.com/filing/1807846/0001213900-20-014419/FUSE-S1) for FUSE to suggest any of the class A common stock is subject to lock-up. There's no way redemptions are 97% and/or the free float is under 1 million shares.
> chalking it up to other "transaction related expenses" seems plausible to me Ah, you're right, can't believe I didn't think of that. I circled back to the page in the investor presentation outlining the [transaction sources & uses](https://i.imgur.com/hu3qzLn.png) and it checks out. They estimated using $45M to pay transaction expenses and $29M to pay down debt. - $45M + $29M = $74M in originally estimated expenses & debt paydown - $260M minimum cash + $74M expenses = $334M total cash required - $334M - $250M PIPE = $84M cash needed in FUSE trust which explains how they came up with 8.3M shares
It's just technical jargon. OP and many in this thread have gotten hung up on the fact that these shares are called "non-redeemable" and are mistakenly attributing them to ML insiders. They're called non-redeemable because if the cash associated with these shares was withdrawn out of FUSE's trust, they would not have had enough cash to complete the deal with ML per agreed upon terms.
No hate here. I'm still confused as to what exactly these insider shares are being redeemed against. Pretty sure it's not against the remaining cash in FUSE's trust though, that would be downright bizarre.
> 1. Wouldn't this imply that the maximum number of redeemable shares was 35M? 2. Why do they state in the S-4 that the maximum redemption scenario consists of 26.675M shares being redeemed (instead of 35M), leaving about 8.324M non-redeemable shares? And which non-redeemable shares are those? I answered this [here](https://www.reddit.com/r/SPACs/comments/pxh7j9/moneylion_redemption_figures/henlix0/?context=3). The $250M PIPE doesn't fully cover the $260M + $50M (fees) = $310M cash that ML requires to consummate the deal. So at least $60M in cash would need to come out of the FUSE trust. Now I'm not sure how this works out to 8.3M but there are some other clauses in the deal that I don't fully understand yet. > Why does Webull, Ameritrade, Bloomberg, etc, state that the Free Float is around 26M (before redemptions)? I'm not sure we'll get a definitive answer on this. Might be worth asking customer support. I posted my theory but as you said it would way too rudimentary of a mistake to make
You are absolutely correct. This number refers to the folks like you an I who may have owned common shares of FUSE pre-merger. These are not insider shares, they were not associated with the merger; they were FUSE stockholders of the general public. So if all redeemable shares were redeemed, this is the number of shares left because this is the number of FUSE shares owned by the general public.
>S-4 that "Fusion public stockholders" = 8.3M assuming Maximum Redemptions of Public Shares? Pretty sure this number refers to the folks like you an I who may have owned common shares of FUSE pre-merger. These are not insider shares, they were not associated with the merger; they were FUSE stockholders of the general public.
Hi, thanks for your reply. You're claiming that 35M FUSE shares were readily available for public trading before redemptions, that this was the Free Float, and that now there are 9M ML shares readily available for public trading after the redemptions. Now: 1. Wouldn't this imply that the maximum number of redeemable shares was 35M? 2. Why do they state in the S-4 that the maximum redemption scenario consists of 26.675M shares being redeemed (instead of 35M), leaving about 8.324M non-redeemable shares? And which non-redeemable shares are those? 3. Why does Webull, Ameritrade, Bloomberg, etc, state that the Free Float is around 26M (before redemptions)?
Re: ML redemption numbers, I think people got hung up on insider redemptions + founder shares and conflated them with the FUSE float of 35M Class A commons. I'm still trying to figure out what exactly the "New MoneyLion Common Stock" redemptions mean in the grand scheme of things but I'm pretty sure it doesn't affect the fact that 35M - 26M = at least a 9M float.
Thanks for jumping in! Any thoughts on why brokerages reported a pre-redemption free float of 26.25M and shares outstanding of 43.75M? The latter makes sense as 35M + 8.75M. My best guess for the former is that they double subtracted the FUSE sponsor's 8.75M Class B founder shares, which would be inaccurate, no?
The sponsor class B shares are… retail. That’s what we traded as $FUSE.
My best guess is that the brokerages subtracted the FUSE sponsor's 8.75M Class B founder shares to get the 26.25M pre-redemption free float, which would be inaccurate. It should be 35M.
Page 3-4 of the S-4 you linked: > "Public shares” means shares of Fusion Class A common stock included in the units issued in the IPO. > “Public stockholders” means holders of public shares. These are fairly clearly defined terms... My best guess is that the brokerages subtracted the FUSE sponsor's 8.75M Class B founder shares to get the 26.25M free float, which would be inaccurate. It should be 35M.
Nope, FUSE is “sponsor”. Insiders are Moneylion Technologies CEO, CFO, etc.
They'd probalby just hit up a buddy that knows a buddy that knows someone at FUSE and get the acutal number.
Pretty sure this is inaccurate. That 8,324,377 number from the S-4 has nothing to do with actual redemption numbers. It's simply the theoretical max amount of redemptions the FUSE trust could bear while still meeting the $260M minimum cash condition to close the deal. Well, 25,887,987 FUSE shares were redeemed, which is less than 26,675,623, so the deal goes through.
Company insiders of Fusion Acquisition Corp. (FUSE)? So technically could they have redeemed as well? I mean you'd rightfully be able to say they are part of the 26% that didn't redeem if they had the option to do it.
Pretty much entire float is owned by FUSE / ML guys right now?
FUSE had 350M in trust, that is 35M shares. So 26+9 does make sense kind of. That is what one of the SEC filings have had. I dont know what Fusion Public stockholders are. Could be the CEO.
What about FUSE / ML? That was so hyped with so much gamma and it went down instead of up lol! Basically almost 10k calls on each strike. ​ Well if your thesis is right, VIH should rain tendies on all of us. That's the most hyped deSPAC. It's occuring right before optoin expo 10/14 when 10/15 is expo so IF gamma is that catlyst, we should see VIH hit like 20 in no time after deSPAC.
Who knows? You posted the information, you should know. I use both Fintel and OpenInsider to track insider trades, and neither of those sites have any insider sales listed for FUSE or ML.
Nah bagholders will have left loong ago, as they'd only be bagholding due to $FUSE not getting Blockfi. Doubt you'd stay in the spac for a company you'd think is shit before the floor goes. In May, you could have got into Microvast, or Avepoint at NAV as they were same price as $FUSE.
That first part is interesting. I'm surprised as well they were so candid about possible redemptions - seems the opposite of what other SPACs have done (deliberately obfuscate). Also, I think I get what you're driving at with the funds and ETFs. Based on the language in your original post, I wasn't thinking of funds compelled to buy, but rather that you were suggesting they had figured out a way to take advantage of the redemption play. I'm confused by your final point, only because you use FUSE as an example when FUSE spent a vast majority of its time under NAV (\~9.98). I get that smaller, less recognizable SPACs/merger targets are likely to be more of a target for arbs, but I'm not sure your logic follows when FUSE only climbed over NAV after redemptions were due. Thanks again for the detailed response. Appreciate it.
Funds may be catching on looking at some of the recent price action and volume just on the ones tomorrow. It's really just a supply issue. When you remove most of the float while at the same time releasing news that the merger has completed, you already know that event by itself will be one of the highest volume days. In addition to that there are many ETFs and funds that are insensitive to the price of despacs, but which can only buy despacs, who will place market orders to reach a certain amount regardless of how volatile the prices are. That is why when you take an already low float, and remove 9/10 of every share, there is extreme buying pressure because you have to imagine that the only people left long are unwilling to take the arb which means they will likely hold out for a much higher price before selling. There is an organic, technical reason behind why these plays have developed even before retail tried to pump them. And there is a reason why the larger and better known SPACs will never achieve those kinds of results. If you look at the last 50 that have been done none of them started off the size of ML (FUSE) yet everyone still seems to think something like that is a candidate.
Sometimes in the S-4 filing the SPAC will make mention of who the known long term holders are, and who the potential flippers/arb are. It's rare that they do that though I was surprised to see their estimate in there for how many might redeem. If course that number could be a bit lower if some retail got it since that filing but it does seem like 1. this has been under the radar since inception and 2. hasn't traded above 9.99 in several months leading up to the redemption. So my speculation is that this percentage is close to the number of people who did in fact redeem given that they would have been foolish not to take the arb gain as of last week. Funds may be catching on looking at some of the recent price action and volume just on the ones tomorrow. It's really just a supply issue. When you remove most of the float while at the same time releasing news that the merger has completed, you already know that event by itself will be one of the highest volume days. In addition to that there are many ETFs and funds that are insensitive to the price of despacs, but which can only buy despacs, who will place market orders to reach a certain amount regardless of how volatile the prices are. That is why when you take an already low float, and remove 9/10 of every share, there is extreme buying pressure because you have to imagine that the only people left long are unwilling to take the arb which means they will likely hold out for a much higher price before selling. There is an organic, technical reason behind why these plays have developed even before retail tried to pump them. And there is a reason why the larger and better known SPACs will never achieve those kinds of results. If you look at the last 50 that have been done none of them started off the size of ML (FUSE) yet everyone still seems to think something like that is a candidate.
I doubt anyone was still holding FUSE here, most got out when it wasn’t blockfi
FUSE mgt team if you are reading this, you are a bunch of muppets.
? The ticker has already changed last week... FUSE -> ML.
you can refresh the SEC pages here: [https://www.sec.gov/edgar/browse/?CIK=1807846&owner=exclude](https://www.sec.gov/edgar/browse/?CIK=1807846&owner=exclude) [https://www.sec.gov/edgar/browse/?CIK=1692817](https://www.sec.gov/edgar/browse/?CIK=1692817) weirdly, ML's page doesn't appear to be fully up and running so I've been keeping tabs on FUSE as well.
As a FUSE/ML warrants bag holder what does this mean for me?
1. We've already understood from your posts that you're very much anti-ML and that would do everything within your reach to make this not play out. 2. The free float is currently 26.25M before redemption (based on FUSE data). 70% redemption leaves a float of 7.875M. 3. Each squeeze is unique, it depends on the entire set up. Some are triggered only with +90% redempt, others with +80%, etc. CRXT for example squeezed to $33 back in August with a redemption rate of only 65.4%. There are several variables to factor in, these plays are not rinse and repeat, it's not one size fits all. 4. ML currently has 4M shares shorted. With a sufficiently high yet reasonable options OI, 70%-75% should be enough to start the squeeze. 5. It's totally fine that you don't want to be in, you do what you think it's best for you, but don't make every other post of yours an anti-ML post.
IMO, worst case scenario: the redemption rate is really bad, everyone dumps and the stock price drops to $6.5, then it crawls back to $8-$9'ish based on fundamentals (but if the fair valuation is $8-$9, why would the redemption rate be low in the first place?). Best case scenario: the red. rate is really high, the SI is also high because there were 4M FUSE shares shorted, and we have the best deSPAC squeeze set up of all times. I'm betting on something in-between.
DMYI and FUSE/ML are the only ones with options. They are likely going to be a bit But from https://docs.google.com/spreadsheets/d/1C65RwHVSLOUKkuJaf3RgkeDiuMmhrMMKYncfM7YrF0U/edit#gid=0 no options doesn't seem to be a deal breaker for low float squeezes. Actually its more important how small the float is going to be. AMHC seems to be doing well without options just because the float is small and the pre redemption float of 10M was already small. 92% redeemed on top of that makes the float sub 1M. GLEO, PTK, CAHC could be nice candidates as well since they smiliarly are already 10M floats without any redemptions, if >90% redemptions come in on any on them you also got potential sub 1M floats there. CTAC also moved the vote to Sep 29.
It's super overvalued at 10. I had FUSE warrants but dumped them after reading the investor presentation. Not that it matters though, since redemption numbers are the flavor of the day in SPACland.
Yeah I mean, those are just my thoughts, and the reason I’m not in. there seems to be a lot of FUSE fans in here so maybe they’ll still get some momentum going. Hope it works out, always good to see people make money
I personally did very well on OPAD, and made some decent gains on SPIR, VIH, SRNG, MNTS. Made a little on FUSE and BKSY. Currently on AMHC, ticker change is Monday to JSPR. This one is riskier at this point but worth watching at least. Float is 780k after 92% redemption, others in that bracket have gone 30+
I wanna YOLO my entire account into FUSE right now. How bad of an idea is that on a scale from 1 to 10.
I had FUSE until the DA. I think they picked a bad target and that's the reason I didn't try this covered call nonsense.
unpopular opinion: If like half the sub here seems to be rooting for ML and is in it, and it still doesn't basically move at all exapt when a whale spikes the price for \~1 minute, there's looooots of sellers. Also FUSE had quite many shares ( 35 mil), so even with 80% redemption it's still an over 20x higher float than some other despac squeezes. Another unpopular opinion: The deal wasn't that catastrophically bad, wasn't great but FUSE, ML, and the deal aren't absolute trash tier. Wouldn't bet on it having super high 80%+ redemption. Just my 2c, I could be totally wrong and hate my decisions for missing out next week.
Do you have any example of a company not announcing redemption % and then it turning out to be very high? Only one I know of is RDW, but it later turned out to be "only" 67%. All these other high redemption % companies disclosed right away. Also, why would FUSE not announce it if it's high? Don't they know it'd bullish for their stock price (and as a result sweet sweet executive payouts) if redemption turns out to be very high?
I remember people were hoping GSAH would get ML, the sentiment totally changed when it was announced with FUSE!
there's a lot of buzz over on r/SPACs about MoneyLion (ML, formerly FUSE). I don't normally frequent that sub, but I did do a brief DD on it last week, just making a case for why the redemptions SHOULD be high. however, we're still waiting on the redemption numbers (and they are delaying as *looong* as possible it seems... merger this week means they are required to file by Monday and we're... still... waiting...) curious if you have an opinion on the complexities of the float for it though. I'm aligned with penny in saying my forte is not understanding these complex SPAC filings. my interest comes from seeing sentiment for the company to be poor, redemptions for recent deSPACs to be generally high, and similar price action and options flow to other explosive deSPACs. what I don't want to do, is keep sharing information on a ticker that will get anyone horribly burned because I was blind to an important aspect. granted that's not entirely within my control, but I figure it doesn't hurt to solicit input/help from those with more experience.
How are you getting those numbers? Isn't Put/Call OI = 0.17 for ML? [Here](https://marketchameleon.com/Overview/FUSE/OpenInterestTrends/), or you can compute it yourself [here.](https://www.marketwatch.com/investing/stock/ml/options?mod=mw_quote_tab)
Not nearly enough volume over $10. Look how much these guys have. Whole float was just arbs. https://www.marketbeat.com/stocks/NYSE/FUSE/institutional-ownership/
For the ML bulls: FUSE went above $10 on pretty heavy volume for a few days starting on Sept 16--why couldn't the arb funds have sold then instead of redeeming? That's why I stayed away at least
So, I've paid zero attention to this FUSE / MoneyLine case of the missing redemptions issue, but a few things: 1) I'm very surprised they went public without disclosing redemptions. 2) It smacks me as a bad omen that redemptions were probably high & some number >=50%. 3) This absolutely falls under the category of a material disclosure, so they only have 4 days to disclose this, so it's coming out Monday at the latest. 4) My guess is given they've waited this long, it's clearly on purpose, and they drop this AMC tomorrow for the least possible visibility, much like how all bad news is disseminated by savvy PR specialists from 4pm - 7pm Friday.
We may probably get a Fuck\_FUSE account at the end of it lol.
Realized they made a mistake with the name change to ML, reregistering to change it back to FUSE and adding the floor back
FUSE team interns reading this sub in Jan : We are an elite team! WOW they love us. FUSE team interns reading now: They are doubting that we are not shit enough for 90+% redemptions and hoping we are. FML - FUSE MONEY LION.
Light the FUSE. FUSE is gonna blow! So memeable
Nobody liked ML, people liked FUSE before because of the team and the memeable name.
Is MoneyLion valuation even "that bad" at the current price? I remember some people liking FUSE back in the day.
Anyone got the FUSE/ Money lion redemption numbers?
The FUSE team can stay silent longer than you can stay solvent.
I sold FUSE warrants for $2.57 (70% profit) in January. Those were good times.
agreed. people were pissed when FUSE da’d with that
It was wrong, the 2.7 MM took in to account lockup but actually like 100M shares weren’t locked up. I got burned too so I’ve been reading through Sec filings on some of my other plays. Gotta understand it thoroughly. Looking at $FUSE right now.
ML (previously FUSE) is at 100% redemption, high short, low float despac with high options open interest. I'm in with 100 calls 12.5c
Remember when FUSE was gonna land a top level FinTech?
I did an experiment using paper money two days ago. I bought some of "squeeze plays" 2-3k dollars per position. Tickers I bought CLBT, CRXT, IRNT, LICY, LILM, MNTS, FUSE (ML), RNW, TMC. All in all, in two days, down 11%, on 23k invested 2.4k in minus. Don't try this at home.
Remember when buying FUSE for 11 pre DA was a bargain?
Must have had the wrong tab opened. I was looking at the float for FUSE. I don't think I interpreted it wrong though, 21m shares we're redeemed, but then 7.7m shares were issued. Read it and tell me I'm wrong.
FUSE has been disappointing me for longer than I can remember
Oh what was the redemption amount for RDW if you don't mind sharing? I also wonder about this. For example, FUSE not sharing numbers--is it because they know that the share price will tank if the redemption amount isn't very high?
Any news on $FUSE / $ML redemption rate?
I think it's not actually being traded - the warrants market isn't open yet. No idea whether ML/FUSE warrants were being traded yesterday, I don't see any price history in IBKR. What's going on?
What is up with ML/FUSE warrant prices. Ikbr is valueing them at 9.75 at the moment in my app??
What is up with FUSE/ML warrant prices?? Ikbr says my warrants are 9.75 is this correct?
So u/Quarantinus tries to promote the FUSE redemption squeeze BEFORE we even know redemption numbers and then claims I’m part of a group that pumps and dump on retail on Reddit and Twitter. Yes, me and my 7 followers on Twitter. I am just a shitposter who has lost an ungodly % of my portfolio from spacs since February just like everyone else here, don’t listen to this guy.