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Brad Jacobs' new venture, QXO, has raised $620 million in new private investment and added Jared Kushner to its board as an independent director. The company, which currently has a cash balance of $5 billion, is ready to start acquiring companies backed by a war chest. Jacobs listed QXO today, purchasing $900 million worth of shares at $4.57 per share, with the stock price now at $121. This has resulted in a personal gain of $23 billion for Jacobs in one day. Kushner's $150 million investment on Monday is now worth $2.2 billion.
Brad Jacobs listed QXO – his new company – today. He bought $900M worth of shares at $4.57 / sh. The stock price right now is at $121. So... Brad's personal gain is $23B in one day! (26x!) 🙃🙃🙃 https://t.co/XwAS37Zig6
QXO, the Brad Jacobs shell company, whose current sole asset is a cash balance of $5bn, has a current market cap of... $100bn. The $150mn that Jared Kushner invested on Monday is now worth $2,200mn: https://t.co/PPzZ6VNThh https://t.co/4NFbFykjNt
Brad Jacobs’ few billion dollars are another Spac squeeze https://t.co/6AddZpGox9 | opinion
