The flashiest trend in finance traces back three decades to a pair of old law-school buddies, The Wall Street Journal reports. Now, they are finally cashing in.
Investment banker David Nussbaum and lawyer David Miller—known to each other as “Nuss” and “Miller”—invented the special-purpose acquisition company in 1993 to give private firms another way to access everyday investors. SPACs were rarely used and obscure for much of their careers, but are now all the rage — attracting the biggest names in finance, technology and entertainment. Messrs. Nussbaum and Miller have never been busier. Read more.
