Betting on flashy names like Shawn “Jay-Z” Carter, Shaquille O’Neal and Martha Stewart to boost blank-check companies this year left investors mostly in the red, Bloomberg reports.
Just about the nicest thing you could say about celebrity-backed SPACs and the firms they brought public is that they’ve lost less for investors than benchmarks for the whole SPAC category. After that, things get ugly: 21 out of 33 SPACs tied to famous public figures have posted negative returns for 2021. Read more.
