Again, timing is everything. It's not that the vehicle or the deals were/are bad, it's that the market dumped.
I think the vehicle was bad. Any deal where the sponsors immediately take 20% from the investors for themselves, is probably not going to match, much less beat, average market returns.
I think the SPAC companies began to roll over long before the markets did. SPACs have existed for a while but they became overused by the Wall Street scammers especially the head scammer -- the south Indian guy who SPAC'd SPCE, Draft Kings, etc. I mean if you can't get vetted by Investment Banks via the red herring process you are obviously not financially viable. The IPOs were bad enough from May 2020 to Feb 2021. Most of them are down 80-90% as it is. Rivian is the ultimate worthless company to go public. Most of those companies that went IPO or SPAC immediately after the pandemic was simply a way to drain excess liquidity thanks to the Federal Government and the Fed. These companies were just pushed out the door in the ultimate sell to the idiot public after the growth is gone.
If IPOs are a poor investment with all the regulation and hoopla surrounding them, what could you expect with the SPACS. Most people don't even bother to read the initial IPO prospectuses which requires more disclosure than a co. is ever likely to make in the future.
If you can only name someone by their race/ethnicity, it highlights your disrespect and belittles your point; you should work on that. Chamath Palihapitiya pretty much invented SPACs. https://en.m.wikipedia.org/wiki/Chamath_Palihapitiya If anything, he is the poster child for no condition immigration, for all those who made Canada and America the lands of opportunity. The overuse came from the many others after him. He himself stated a couple of years ago that he wished the government would regulate SPACs because of the abuse.
what made a SPAC different from a regular IPO? was it the insider lockup period? I ask because all/most SPACs looked like pump and dumps