RTPZ - LinkedIn and Zynga founders' SPAC sinks on deal for insurance firm Hippo

Reinvent Technology Partners Z (RTPZ), a SPAC headed by founders or co-founders of LinkedIn and Zynga, dropped as much as 10% Thursday after agreeing to buy online insurance platform Hippo at a $5B valuation.RTPZ fell to as low as $10 a share on the news, well below its previous close at $11.11 and off 33.6% from the $15.05 intraday high it hit less than three week ago. Shares recovered a bit later, but were still trading at $10.27 shortly before 2:30 p.m. ET, down 7.5% on the session.The SPAC sank after agreeing to buy Hippo, a platform that sells homeowners insurance to consumers using machine learning and other cutting-edge tools to help with underwriting. That allows the company to give potential customers price quotes within five minutes on average.Hippo boasts that it aims to shake up the market, noting in a statement that its policies are “designed for today’s homeowners,

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LinkedIn and Zynga founders’ SPAC sinks on deal for insurance firm Hippo