Certainly ballsy.
It may not be wise to put 97% of one's investible net worth into a single shell, but Potse's point is valid and not about portfolio discipline / diversification. If one can purchase the entirety of a shell's float at a price point / valuation they are comfortable with, why not? With shells, time is on one's side due to the looming deadline of late March 2023, providing a built-in catalyst for a binary result. Investing in shells is a game of big winners and big losers; buying up a large portion of the float would increase the magnitude of these outcomes.
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