Chamath Palihapitiya says that SPACs let ordinary people get rich off startups. It may be hype, but hype can be its own economic engine, The New Yorker reports in this lengthy profile of the outspoken — and oft-criticized — SPAC guru.
Palihapitiya promotes the SPAC as an innovation that “democratizes access to high-growth companies” while “dismantling” the “traditional capital market.” But he has sometimes acknowledged a simpler allegiance. “I want the f***ing money,” he told students at Stanford’s business school, in 2017. “I will play the g**dam game, and I will win.” Read more.
Chamath Palihapitiya, the Pied Piper of SPACs: Report
