Billionaire investor Barry Sternlicht told CNBC he believes the SPAC market is “out of control” and argued Wall Street won’t regulate it because they are making too much money.
The CEO and chairman of Starwood Capital, a firm that operates six of its own SPACs, said that although he takes every SPAC deal seriously and stakes his reputation on that claim, not all SPAC sponsors can say the same.
The billionaire investor said these days “if you can walk, you can do a SPAC.”
Sternlicht laid out how his company lost a SPAC deal after it said it would need to do 60 days due diligence before investing and a different SPAC sponsor offered to do the same in just three days. Read more.
