SPAC or SPAM, the aftertaste is sour

SPACs, the new blank check companies are not delivering their unicorn promises. Even the prophet's recommendations are not performing. Surprisingly, Chamath Palihapitiya is nowhere to be seen.

In March, our SPAC, off-the-shelf dream? article explained that SPACs are the new blank check package, as well as their large issuance volume in 2017-21, the regulator’s warnings, and the clouds on the horizons.

Bloomberg’s recent article SPAC Wipeout Is Punishing Followers of Chamath Palihapitiya confirms the bad omens – the followers of the big SPAC prophets have a sour aftertaste; the can’s content isn’t as savory as expected. As per the Bloomberg article:

Chamath Palihapitiya | LinkedIn enjoyed being the face of the SPAC frenzy. He challenged the wisdom of Warren Buffett (has anybody won that challenge? Some have bet and lost millions) with a “Nobody’s going to listen to Buffett” comment. And in all his modesty:
Well, the last pattern is that all 6 of his SPACs have plunged more than the broader SPAC market.