The trajectory of blank-check companies is shaping up to be a classic Wall Street feeding frenzy. Bloomberg reports. In the past two years, they’ve morphed from a niche product aimed at financial pros into a mass-market phenomenon hyped on Twitter and CNBC.
Almost 600 SPACs are trading in New York, and high-profile financiers such as hedge fund titan Bill Ackman, Japanese tech billionaire Masayoshi Son, and Citigroup veteran Michael Klein have jumped in. This year, some 450 SPACs have completed U.S. IPOs, with a total value of $130 billion — more than one-and-a-half times the massive haul of 2020 — and hundreds more are waiting to list. Now the kids are joining the party. More than a dozen people age 30 and younger have been named as executives or board members at blank-check companies that have filed listing plans since June, according to data provider SPAC Research. Read more.
