SPACs are an inside joke on Wall Street, and the joke is on you
Get the Full StorySPACs can operate like venture capital in the public markets, which may appeal to amateurs seeking their inner Elon Musk. But it rarely works out well for the retail crowd.Everyone s raising a zillion SPACs, a Manhattan billionaire tells me, referring to special purpose acquisition companies, the latest craze on Wall Street. He doesn t want to be seen biting the hand that feeds him and many others , and so he asks for and receives anonymity. Every day there s a SPAC merger, he continues, amazed. There s a rumored SPAC merger. There s another SPAC. Read Full Story
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