Why dMY Technology Group Plunged 14.6% on Monday

Fidelity Management & Research, Silver Lake, Breakthrough Energy Ventures, MSD Partners, Hyundai, Kia, and more have also committed to a PIPE that will add $350 million in cash to the company. A PIPE is a way for the SPAC to raise money in addition to the IPO and often shows investors that institutional investors are willing to invest in the company. This seems like good news and confirms a rumor that sent dMY Technology Group III's shares sharply higher just a few weeks ago.