“It represents the beginning of a fascinating journey,” said the broker to announce the sale of the $50 million superyacht. It was the largest ever to be sold in Asia by Sanlorenzo, the renowned Italian boat builder.
The beautiful vessel was set to sail in July, and the buyers were Three Arrows Capital founders Su Zhu and Kyle Davies. It was supposed to be the ultimate symbol of their success, and they gave it a clever name, too. It was called Much Wow, alluding to the doge meme that birthed the dogecoin cryptocurrency.
Except July, for Zhu and Davies, was actually the beginning of the end. It would be the month they filed for bankruptcy, the month they disappeared, leaving Much Wow, the unclaimed trophy, not even fully paid for, waiting at La Spezia on the Italian coast.
It must feel so long ago for Zhu and Davies now, so much has happened just in the past few months. Three Arrows Capital, or 3AC, once enjoyed the status of being one of the world’s biggest crypto holders. Just a month before the Terra-LUNA collapse in May, 3AC was managing about $3 billion in assets.
Zhu and Davies founded the Singapore-based hedge fund in late 2012 and started with just $1.2 million, and then their focus shifted to cryptocurrencies where they found huge success. Until recently.
Much Wow isn’t officially back on the market yet, but according to Intelligencer, word is going around in the very small circle of superyacht-dealing that a Sanlorenzo 52Steel superyacht is looking for a new owner.
Information for this briefing was found via Intelligencer, Twitter, and the companies and sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.