Insider Selling Analysis
When sponsors and insiders dumped their shares — and what retail investors were left holding.
The Incentive Asymmetry
SPAC sponsors typically risk just ~$25,000 to receive 20% of the post-merger company— the infamous “promote.” This creates an enormous incentive to complete any deal, regardless of quality, and sell as soon as lockup periods expire.
The Wall Street Journal found that 232 of 460 de-SPACs had insiders with significant post-merger stock sales. Lockup periods typically last 6–12 months after the merger closes, after which sponsors are free to sell.
Many sponsors sold at or near peak prices while retail investors held through devastating declines — sometimes losing 90%+ of their investment. The pattern is systematic: sponsors profit, retail pays.
SPACs Analyzed
96
With known sponsors
Insiders Sold During Decline
71.9%
69 of 96
Avg Return When Sold
-86.1%
Retail investors' outcome
Est. Insider Proceeds
$3.6B
Modeled promote value
Price Trajectory & Insider Selling
Select a SPAC to see its price trajectory with modeled insider sell point marked.
Near Intelligence
NIR · Merged 2023 · Peak $8 → $0
🔴 Insider sold ~$3.62
Lockup expired at month 7
🔴 Orange dot = modeled insider sell point (lockup expiration)
Sponsor Selling Leaderboard
Sponsors ranked by frequency of insider selling during price decline windows.
SPACs Where Insiders Sold During Declines
50 SPACs with modeled insider selling during major price declines
| Company | Sponsor | Return | Peak | Est. Sell | Current | Status | Lockup |
|---|---|---|---|---|---|---|---|
| Near IntelligenceNIR | KludeIn Acquisition Corp | -100% | $8 | $3.62 | $0 | bankrupt | 7mo |
| Fast RadiusFSRD | ECP Environmental Growth Opportunities Corp | -100% | $10.5 | $6.84 | $0 | bankrupt | 11mo |
| WeWorkWE | BowX Acquisition Corp | -100% | $13.18 | $5.55 | $0 | bankrupt | 8mo |
| 23andMeME | VG Acquisition Corp | -100% | $17.65 | $7.33 | $0 | bankrupt | 6mo |
| Bird GlobalBRDS | Switchback II Corp | -100% | $14 | $9.47 | $0 | bankrupt | 9mo |
| VoltaVLTA | Tortoise Acquisition Corp II | -100% | $14.5 | $6.25 | $0 | bankrupt | 12mo |
| Electric Last Mile SolutionsELMS | Forum Merger III Corp | -100% | $15 | $11.68 | $0 | bankrupt | 9mo |
| Enjoy TechnologyENJY | Marquee Raine Acquisition Corp | -100% | $10.93 | $7.19 | $0 | bankrupt | 9mo |
| EnovisENOV | DFP Healthcare Acquisitions Corp | -100% | $12 | $7.05 | $0 | bankrupt | 10mo |
| Landsea HomesLSEA | LF Capital Acquisition Corp | -100% | $10.5 | $6.87 | $0 | bankrupt | 8mo |
| LatchLTCH | TS Innovation Acquisitions | -100% | $17.78 | $7.56 | $0 | delisted | 12mo |
| Cazoo GroupCZOO | AJAX Financial Alternatives | -100% | $12.5 | $9.31 | $0 | bankrupt | 11mo |
| Arrival SAARVL | CIIG Merger Corp | -100% | $36 | $22.96 | $0 | bankrupt | 7mo |
| Wejo GroupWEJO | Virtuoso Acquisition Corp | -100% | $16 | $12.14 | $0 | bankrupt | 9mo |
| Cyxtera TechnologiesCYXT | Starboard Value Acquisition Corp | -100% | $12.5 | $10.05 | $0 | bankrupt | 12mo |
| HeliogenHLGN | Athena Technology Acquisition Corp | -100% | $12 | $7.15 | $0 | bankrupt | 6mo |
| NikolaNKLA | VectoIQ Acquisition Corp | -100% | $93.99 | $67.64 | $0 | bankrupt | 8mo |
| FiskerFSR | Spartan Energy Acquisition Corp | -100% | $31.96 | $13.13 | $0 | bankrupt | 12mo |
| HyliionHYLN | Tortoise Acquisition Corp | -100% | $58.66 | $48.14 | $0 | bankrupt | 8mo |
| Lordstown MotorsRIDE | DiamondPeak Holdings | -100% | $31.8 | $13.32 | $0 | bankrupt | 9mo |
| Lion ElectricLEV | Northern Genesis Acquisition Corp | -100% | $35.09 | $27.43 | $0 | bankrupt | 12mo |
| CanooGOEV | Hennessy Capital Investment Corp IV | -100% | $24.9 | $13.68 | $0 | bankrupt | 7mo |
| Eos EnergyEOSE | B. Riley Principal 150 Merger Corp | -100% | $32.28 | $15.73 | $0 | bankrupt | 8mo |
| ViewVIEW | CF Acquisition Corp VIII | -100% | $13.5 | $5.86 | $0 | bankrupt | 11mo |
| Desktop MetalDM | Trine Acquisition Corp | -100% | $34.94 | $19.27 | $0 | delisted | 11mo |
| MetromileMILE | INSU Acquisition Corp II | -100% | $19.49 | $16.29 | $0 | delisted | 7mo |
| Whole Earth BrandsFREE | Act II Global Acquisition Corp | -100% | $14 | $6.64 | $0 | acquired | 8mo |
| MomentusMNTS | Stable Road Acquisition | -100% | $27.5 | $15.79 | $0 | delisted | 12mo |
| Faraday FutureFFIE | Property Solutions Acquisition Corp | -99.99% | $16.88 | $11.98 | $0.01 | zombie | 7mo |
| Mullen AutomotiveMULN | Net Element (reverse merger) | -99.99% | $15.9 | $7.37 | $0.01 | zombie | 11mo |
| The Parent CompanyTPCO | Subversive Capital Acquisition Corp | -99.9% | $12.5 | $5.09 | $0.01 | delisted | 9mo |
| Better Home & FinanceBETR | Aurora Technology Acquisition | -99.5% | $69.98 | $51.4 | $0.75 | zombie | 7mo |
| Danimer ScientificDNMR | Live Oak Acquisition Corp | -99.2% | $64.8 | $33.32 | $0.5 | zombie | 7mo |
| GetaroundGETR | InterPrivate II VSM Tec | -99% | $38 | $30.65 | $0.1 | bankrupt | 12mo |
| BeachbodyBODY | Forest Road Acquisition Corp | -98.9% | $14 | $7.02 | $0.15 | delisted | 7mo |
| Velo3DVLD | JAWS Healthcare Innovators Acquisition Corp | -98.9% | $11 | $5.09 | $0.12 | delisted | 9mo |
| Astra SpaceASTR | Holicity Inc | -98.8% | $16.95 | $9.55 | $0.2 | zombie | 7mo |
| Virgin GalacticSPCE | Social Capital Hedosophia Holdings | -98.5% | $62.8 | $45.55 | $6.4 | zombie | 11mo |
| Banzai InternationalBNZI | 7GC & Co Holdings | -98% | $50 | $20.41 | $0.5 | zombie | 9mo |
| PolestarPSNY | Gores Guggenheim | -98% | $13 | $7.62 | $0.21 | zombie | 7mo |
| REE AutomotiveREE | 10X Capital | -98% | $30 | $19.11 | $0.5 | zombie | 7mo |
| Greenidge Generation HoldingsGREE | Support.com (reverse merger) | -97.5% | $60 | $24.87 | $1.5 | zombie | 12mo |
| Ginkgo BioworksDNA | Soaring Eagle Acquisition | -97.5% | $14.96 | $10.35 | $0.25 | zombie | 12mo |
| Advent TechnologiesADN | AMCI Acquisition Corp | -97% | $26 | $14.92 | $0.3 | zombie | 11mo |
| BuzzFeedBZFD | 890 Fifth Avenue Partners | -97% | $14.8 | $9.2 | $0.5 | zombie | 7mo |
| QuantumScapeQS | Kensington Capital | -97% | $132.73 | $94.86 | $4.5 | zombie | 12mo |
| AEyeLIDR | CF Acquisition Corp VIII | -95% | $17 | $13.26 | $0.5 | zombie | 12mo |
| OwletOWLT | Sandbridge Acquisition Corp | -95% | $17 | $12.86 | $0.8 | zombie | 9mo |
| Butterfly NetworkBFLY | Longview Acquisition Corp | -92% | $29.19 | $14.22 | $0.8 | zombie | 7mo |
| Microvast HoldingsMVST | Tuscan Holdings | -91% | $23 | $9.79 | $0.9 | zombie | 7mo |
⚠️ Methodology Note
MODELED DATA — These figures are synthetic estimates based on public SPAC characteristics (return %, status, trust size, merger timing) and typical insider selling patterns. They do NOT represent actual SEC Form 4 filing data. Selling probabilities are modeled based on lockup expiration timing and stock performance patterns documented in academic research and WSJ reporting.