A Chamath Palihapitiya-backed 3D printing company that he says is fighting climate change slips 14% after its public debut via SPAC Thursday https://markets.businessinsider.com/news/stocks/desktop-metal-stock-price-chamath-palihapitiya-3d-printing-trine-spac-2020-12-1029882831
Shares of Chamath Palihapitiya-backed Desktop Metal slipped as much as 14% on Thursday after the 3D printing company went public via SPAC.
Palihapitiya tweeted that Desktop Metal is a "really important company in fighting climate change."
The SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on the NYSE under the ticker symbol "DM" on Thursday.
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Desktop Metal slipped as much as 14% Thursday on its first day of public trading after combining with special purpose acquisition company, Trine Acquisition Corp.
Billionaire Chamath Palihapitiya co-led a $275 million private investment to take Desktop Metal public via Trine along with investor Bill Miller and Tesla co-founder JB Straubel.
Palihapitiya tweeted on Dec 4: "$DM builds 3d printers that replace old factories running on fossil fuels. Our printers are electric - creating no carbon output. It will also bring well paying manufacturing jobs throughout America...This is a really important company in fighting climate change."
The Social Capital CEO said that Desktop Metal is one of his largest investments in climate change to date.
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According to a press release, Desktop Metal offers the fastest metal 3D printing technology in the market, up to 100 times the speed of legacy technologies. Palihapitiya tweeted in August that Desktop Metal could reach $942 million in annual revenue by 2025.
The SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on the NYSE under the ticker symbol "DM" on Thursday. Several investors on Twitter claimed trading platforms did not convert the stock ticker from TRNE to DM after the Thursday opening bell, and investors were unable to buy DM.