The SPAC Stars of ’21: Where Are They Now?

joanna coles and bill ackman
Joanna Coles and Bill Ackman. Photo: Noam Galai/WireImage & Matthew Eisman/Getty Images
William D. Cohan
June 8, 2022

When the history of this era of Wall Street is written—and, who knows, maybe I’ll write it myself after my GE book comes out—it may well begin with the onset of the pandemic: Tom Hanks, the scuttled NBA game in Utah, the chaotic weeks between February and March when the Dow Jones Industrial Average dropped some 10,400 points and the Squawk Box team  pleaded through the camera with Warren Buffett to buy something, anything, maybe even the airline industry. And then it will be known, of course, for what happened immediately thereafter: an unprecedented rescue package, and then another, more ZIRP, P.P.P., the S.B.E. and then the acronym that would truly define the era: the SPAC.