Blank Check IPOs, Status Symbol of 2020, Have Raised $32 Billion

The new big-money status symbol of 2020 is running your own blank check company. Hedge fund billionaire Bill Ackman has a new one. Oakland A’s executive Billy Beane, who was played by Brad Pitt in the film Moneyball, got into the game with an initial public offering in August. Even former U.S. Speaker of the House Paul Ryan is getting one going.

So what’s a blank check? Formally known as a special purpose acquisition company, or SPAC, it’s an investment vehicle that goes public despite having no real business. The plan is to raise money ...