SPACs are an inside joke on Wall Street, and the joke is on you

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SPACs can operate like “venture capital in the public markets,” which may appeal to amateurs seeking their inner Elon Musk. But it rarely works out well for the retail crowd. “Everyone’s raising a zillion SPACs,” a Manhattan billionaire tells me, referring to special purpose acquisition companies, the latest craze on Wall Street. He doesn’t want to be seen biting the hand that feeds him (and many others), and so he asks for—and receives—anonymity. “Every day there’s a SPAC merger,” he continues, amazed. “There’s a rumored SPAC merger. There’s another SPAC.” Read Full Story

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Backlash to rumored Uber-Grubhub merger gets louder

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Senate Democrats are calling on antitrust enforcers at the DOJ and FTC “to closely monitor Uber’s potential acquisition of Grubhub.” Senate Democrats are calling on antitrust enforcers at the Department of Justice and the Federal Trade Commission “to closely monitor Uber’s potential acquisition of Grubhub.” Read Full Story

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Hims just went public. What does that mean for the future of healthcare?

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The online pharmacy caters to busy people who don’t have a primary doctor. But we shouldn’t rush to ditch healthcare in its more traditional form. Hims, a heavily branded online pharmacy with a limited range of products, began trading as a public company on Thursday at $17.08 per share. Its price dropped 7% over the course of the day. The company went public through a merger with special purpose acquisition company (SPAC) Oaktree Acquisition Corp, which closed on Wednesday. The deal valued Hims at $1.6 billion. Read Full Story

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WeWork is finally going public via a SPAC after abandoning an IPO in 2019

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The planned merger will value WeWork at around $9 billion, including debt. That’s a far cry from its $46 billion valuation in early 2019. In 2019, WeWork was the tech darling of Silicon Valley. Or at least it started the year that way. By the end of it, the company had a very public and dramatic fall –a fall that included abandoning its IPO . But today WeWork announced it is finally moving ahead with previous plans to go public–however, it will do so via a SPAC instead of an IPO, The Wall Street Journal reports . Read Full Story

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