Wall Street and Hollywood seem closer than ever before. Over the weekend, Grimes sold $6 million worth of non-fungible token art. Yesterday, Dave Portnoy launched a social media exchange-traded fund to great fanfare. It seems that pretty much every day in between, a celebrity has made headlines with special purpose acquisition companies. With that in mind, here is a roundup of the top celebrity SPAC merger news.
Source: S-F / Shutterstock.com
So where does all of this celebrity SPAC merger news come from? And more importantly, why should investors care?
Well, there is simply no denying that special purpose acquisition companies have taken over Wall Street. The alternate path to coming public has big appeal, especially for early stage companies. And investors want to get in on big ideas and innovative businesses as early as possible. Need an example? Consider the hype surrounding Churchill Capital IV (NYSE:CCIV) and the Lucid Motors SPAC merger. Although the company has yet to deliver a vehicle, investors see its EV potential. That is why they have bid up CCIV stock in a frenzy.
There is also real data behind the interest. Through Feb. 26, 175 SPAC sponsors have come public, raising a total of $56 billion. Right now, as much as $103 billion in SPAC capital is looking for an acquisition target. Most importantly, these SPACs could generate $700 billion in acquisition activity over the next two years.
For celebrities, this is another way to show their status and influence. While celebrities continue to flex their money, SPAC merger news will keep pumping. Keep a close eye on this trend.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.
The post Celebrity SPAC Merger News: 10 Stars Jumping on the SPAC Bandwagon appeared first on InvestorPlace.
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