DraftKings is the first SPAC to make it mainstream. Sponsors will basically corral up whatever investors they can to raise cash for a blank check. The sponsor goes out, finds a target company that they want to bring public. Then buy a chunk of deal gets struck and then at a future date vote on the deal.
Bloomberg News Wall Street Reporter Sonali Basak checks in from the Goldman Sachs Group investor day. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Equities Reporter Bailey Lipschultz provide the details of Bailey's Businessweek Magazine story The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. Bloomberg Intelligence Senior Retail Staples & Packaged Food Analyst Jennifer Bartashus reports on Target earnings and outlook. And we Drive to the Close with Nadia Lovell, Senior U.S. Equity Strategist at UBS Global Wealth Management.
Hosts: Carol Massar and Madison Mills. Producer: Paul Brennan.
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