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Evan is a senior technology specialist at The Motley Fool. He was previously a senior trading specialist at Charles Schwab, and worked briefly at Tesla. Evan graduated from the University of Texas at Austin, and is a CFA charterholder. Follow @TMFNewCow
It s certainly been a weird year to be a short-seller. Just ask anyone betting that selling physical video games out of retail stores during a deadly pandemic is a terrible business to be in. At the same time, the market for special-purpose acquisition companies (SPACs) has cooled significantly in recent months, with investors shunning speculative stocks fetching lofty valuations. Seeing an opportunity to capitalize on the downtrend, short-sellers have been piling on to push prices down even further.
Chamath Palihapitiya And Nine Other New Billionaires Minted By The SPAC Frenzy
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Chamath Palihapitiya, Austin Russell and Mat Ishbia are all new to this year s list thanks to SPACs.
Brendan McDermid/Reuters/Newscom, Michael Prince for Forbes, Jacob Lewkow for Forbes
SPAC IPOs have raised $180 billion since the beginning of 2020, helping both sponsors and founders get rich quickly, but the boom has yielded relatively few new billionaires.
Taking a company public has long been a symbol of success for an entrepreneur, and Wall Street’s favorite craze of the last 12 months helped numerous founders reap the monetary rewards of an IPO while enduring a fraction of the bureaucratic red tape.
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