As the self-proclaimed Warren Buffett of the SPAC generation, Chamath Palihapitiya had been all in. Big on nonsense, short on substance — he was able to launch more blank-check companies than anyone else and talked of building 26, one for every letter of the alphabet. The 10 he managed are now either liquidated, delayed or trading in the basement.
So I was excited when Palihapitiya announced on Twitter that his annual letter would contain a post-mortem of the craze. I’m not sure what I expected. Some contrition, maybe? Nope. There was no post-mortem, no mention of SPACs beyond a couple of soapy laments about how ending free money has been hard on business models that rely on credulity alone. It was a missed opportunity.
Or not. I thought I’d try to write it for him.
Source: Another Crack at Chamath Palihapitiya’s Letter to SPAC Investors – Bloomberg
