Niccolo de Masi
dMY Technology Group
SPACs Launched
6
Total Raised
$1.8B
Avg Investor Return
-44.0%
Bankruptcies
0
Summary
Former Glu Mobile CEO Niccolo de Masi ran a prolific SPAC operation focused on technology. IronNet Cybersecurity was a notable failure, losing 97%+ of its value. Planet Labs also struggled. The dMY franchise illustrated how serial sponsors prioritized deal volume over quality.
SPAC Track Record
The Sponsor Economics
As a SPAC sponsor, Niccolo de Masireceived a "promote" — typically 20% of the post-merger company's shares — for a nominal investment of roughly $25,000. Across 6 SPACs raising $1.8B, the promote shares were worth hundreds of millions at IPO prices, regardless of whether the merged companies performed well for public investors.
While investors saw an average return of -44.0%, the sponsor structure ensured that Niccolo de Masi profited from the deals regardless of outcome — a fundamental misalignment of incentives that defined the SPAC era.