What Happened to Skillz?
Ticker: SKLZSPAC Year: 2020Merger: 2020
Return
-99.7%
Current Price
$0.15
Peak Price
$46.3
Trust Size
$690M
Summary
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.
What Happened
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 â 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.
Key People
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