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Matt Levine’s Money Stuff: The SPAC Bust Is Expensive

Plenty of retail investors probably got burned buying SPACs, paying huge prices for shares in SPACs that took speculative companies public, only to see the shares drop when the companies didn’t perform. But the retail investors who piled in at the tail end of the boom just … sort of paid $10 for shares of SPACs that never did anything and will return their $10 with interest? Meanwhile the sponsors who piled in at the tail end are holding the bag.

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