I heard someone say "Pre-LOI SPACS are loot boxes for investors".
While they may come off as a pump & dump, all SPACs have a floor of hard cash placing them around $10; notably Ackman's PTSH is $20. Looking at IPOE popping 20% off Chamath's tweets, it does feel like some variant of musical chairs.
While they may come off as a pump & dump, all SPACs have a floor of hard cash placing them around $10; notably Ackman's PTSH is $20. Looking at IPOE popping 20% off Chamath's tweets, it does feel like some variant of musical chairs.