SPACs: New Wall Street investment craze is attracting celebrities like Serena Williams and Jay-Z

A special purpose acquisition company (SPAC) is like a fast track for startups to get in the stock market and make money as a public company. Image by StockSnap from Pixabay

Special purpose acquisition companies (SPACs) have taken over Wall Street and Silicon Valley. It works like a fast track for startups to get in the stock market and get all the money that comes with being a public company. Now celebrities like tennis star Serena Williams, musician Jay-Z, and former House Speaker Paul Ryan are creating their own SPACs.

Credits

Guest:
Amrith Ramkumar - markets reporter for The Wall Street Journal

Host:
Madeleine Brand

Producers:
Sarah Sweeney, Angie Perrin, Michell Eloy, Amy Ta, Rosalie Atkinson, Brian Hardzinski, Bennett Purser