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The SPAC Man Method: Inside the Billionaire Rush for Riches
As insiders have raced to push businesses into the public’s hands, they’ve employed a range of maneuvers to boost their fortunes.
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Ok, here’s the play: Slip information to stock analysts, let whispers spread through the market — and watch the money grow.
Even for Howard Lutnick, a Wall Street billionaire known for sharp elbows, a move like that might sound close to the line.
But there was Lutnick, dialing into a videoconference, suggesting that very idea.
Relax, Lutnick told potential investors. Rules are rules, he assured the listeners — but you can be very smart about them.
All the more so because the investors were following Lutnick down the rabbit hole into the Wonderland of SPACs, those soaring — and now sinking — blank-check investments.
One of the most remarkable stories behind the Wall Street SPAC machine is the characters pulling the levers. SPACs — officially, special purpose acquisition companies — provide a shortcut to the stock market. As insiders have rushed businesses into the public’s hands, they’ve employed a range of maneuvers — some of them downright astonishing to the uninitiated — to win even when investors lose.
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