Wall Street’s New SPAC Obsession is a Technology Elon Musk Mocks as a ‘Fool’s Errand’: Report

Tesla CEO Elon Musk thinks self-driving cars don’t need lidar, but nearly all of his competitors disagree, Business Insider reports.

Lidar stands for Light Detection and Ranging, a pulse-laser technology that measures the distance between objects — such as self-driving vehicles.

That means lidar could play a major role in an autonomous-vehicle industry that could be worth $170 billion by 2040. Read more.

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SPAC U-Turn Mars Ackman’s Hedge Fund Pivot: Analysis

Ackman last year launched $4 billion Pershing Square Tontine Holdings, the largest blank-check acquisition firm ever raised. With backing from his investors and available bank debt, he amassed enough firepower to take public a company worth tens of billions of dollars.