SPACs go splat as investors chase down new fads

SPACs aren’t a disease, though for a while there was nothing more contagious in the financial markets. Some sort of vaccine must have been developed, however, because in the past few weeks investors have become immune to the joys of SPACs.

SPACs, or special purpose acquisition companies, are shell companies that list on a stock exchange and then aim to acquire a private enterprise and bring it public.

Last year 248 SPACs raised $83 billion and accounted for half of all initial public offerings. So far this year 318 have raised $102 billion, according to SPAC Insider. You hardly count as a bona fide celebrity these days if

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