Courtesy HyliionIf all goes according to plan, Thomas Healy, 28, will become America’s youngest self-made billionaire next week when shareholders of publicly traded Tortoise Acquisition Group vote September 28 to acquire Hyliion, the Austin-based heavy-duty electric truck company that Healy founded. According to SEC filings, Healy will be the biggest shareholder, with 22.9% of the company, or 34.97 million shares, worth nearly $1.5 billion. Today truck makers install engines from Cummins and transmissions from Allison. A Tortoise private equity fund will end up with 8.7% of Hyliion, or 12 million shares, worth $540 million as of today. Once the deal is finalized and the ticker symbol changes, more Hyliion shares will hit the market, roughly double the 23 million share float today.

Source: Forbes September 25, 2020 17:37 UTC