Why SPACs are Wall Street’s latest craze | The Economist

Why SPACs are Wall Street's latest craze

Blank-cheque firms appeal to everyone, from sophisticated financiers to sportsmen

WHAT LINKS Martin Luther King III, the son of the civil-rights leader; Shaquille O'Neal, a former basketball player; and Kevin Mayer, the former boss of TikTok? The unlikely trio sponsors a special-purpose acquisition company (SPAC), a listed pot of capital that seeks a firm to take public through a merger.

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