Skillz Inc
🧟 ZombieTrust Size
$690M
Peak Price
$46.30
Current Price
$0.15
Return
-99.7%
Peak Market Cap
$14.0B
What Happened
Mobile gaming platform that promised to revolutionize competitive gaming. Cathie Wood loaded up on shares. The stock lost 99.7% as the company never achieved real user growth and was accused of inflating metrics.
Skillz went public via Flying Eagle Acquisition Corp in December 2020. It was one of ARK Invest Cathie Woods favorite SPAC picks. The platform let mobile gamers compete for prizes, but user acquisition costs were astronomical — the company spent more on marketing than it earned in revenue. A short report from Wolfpack Research alleged fake users and inflated metrics. After hitting $46, shares collapsed to under $0.20 with a 1:20 reverse split to avoid delisting.
Projections vs. Reality
Projected Revenue
$800M
What they told investors
Actual Revenue
$95M
What actually happened
Hype-to-Reality Ratio: 12.0x
Key People
Andrew Paradise
CEO & Founder
Sold $100M+ in shares near the peak
Cathie Wood
Major Investor
ARK loaded millions of shares, rode it to the bottom
Timeline
2020-12
SPAC merger completed
2021-02
Stock peaks at $46
2022-06
Short seller report alleging fake metrics
2023-03
1:20 reverse split
2024-01
Stock under $0.20, functionally dead
🔀 Reverse Stock Split
Reverse split ratio: 1:20. Reverse splits are used to avoid delisting but destroy shareholder value through the illusion of a higher stock price.
⚖️ Legal Actions
• Class action lawsuit filed by shareholders
📄 SEC Filings
View all EDGAR filings for Skillz Inc
Risk Scores
Dilution Score
75/100
Insider Profit Index
71/100
Hype-to-Reality Ratio
12.0x
Projected ÷ actual revenue