Ex-Uber Exec Emil Michael Files for $250M Tech SPAC Amid Market Boom
SPAC Surge Continues as High-Profile Figures Enter the Fray
Special Purpose Acquisition Companies (SPACs) continue dominating financial headlines, with former Uber executive Emil Michael becoming the latest high-profile figure to join the trend. Michael recently filed SEC paperwork to raise $250 million through a blank-check company targeting tech sector acquisitions.
The SPAC’s Notable Advisory Team
The filing reveals an intriguing roster of special advisors:
- Shervin Pishevar: Early Uber investor embroiled in sexual misconduct allegations
- Eric Schmidt: Former Alphabet executive chairman
- Betsy Atkins: Serial board member and corporate governance author
This move marks Michael’s return to the spotlight after his controversial tenure at Uber, where he served as Senior VP of Business for nearly four years.
Michael’s Checkered Corporate History
Before joining Uber, Michael held leadership roles at:
- Tellme Networks (SVP of Field Operations)
- Klout (COO)
His Uber tenure brought both prominence and notoriety, including:
- Public remarks about investigating critical journalists
- Involvement in the Seoul “escort bar” scandal with Travis Kalanick
- Unclear departure circumstances in 2017
Despite—or perhaps because of—this controversial background, Michael was reportedly considered for U.S. Transportation Secretary under Trump.
The SPAC Gold Rush: Tech Sector Leads the Charge
Michael’s move reflects broader market trends:
- EV Companies: Nikola and Hyliion pursuing SPAC mergers
- Proptech: Opendoor merging with Social Capital SPAC
- 3D Printing: Desktop Metal’s Trine Acquisition deal
- Consumer Health: Hims’ recent SPAC announcement
SPAC Market Realities
Industry expert Kristi Marvin of SPACInsider notes:
“We’re seeing unprecedented interest in SPACs, but not all sponsors have the necessary experience. Key questions about acquisition experience and sector knowledge often reveal capability gaps.”
Michael does bring relevant M&A experience, having helped negotiate Uber’s 2016 sale of its China operations to Didi Chuxing.
The Bigger Picture: SPACs Reshaping Tech IPOs
As traditional IPOs face challenges, SPACs offer:
- Faster paths to public markets
- Reduced regulatory scrutiny
- Greater flexibility in valuations
However, the model also raises questions about:
- Sponsor qualifications
- Investor protections
- Long-term performance sustainability
Michael’s venture will test whether controversial figures can successfully navigate this new fundraising landscape while delivering value to investors.
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