Thiel-Backed Olympics Competitor Merges Public

An unconventional Olympics-style sports event, which permits performance-enhancing drugs, is scheduled for later this month in Las Vegas. The organizing company has now gone public through a SPAC merger, achieving a valuation of $1.2 billion. This venture secured significant backing from prominent investors Peter Thiel and former Coinbase CTO Balaji Srinivasan. The CEO of the company, Maximilian Martin, discussed the public debut on Bloomberg Tech.