CHARLOTTE, N.C. – WeWork will finally go public this year, allowing investors to buy and sell its shares. But not through a traditional IPO.
In the two years since the office-sharing company’s failed IPO, a new way to launch a stock on Wall Street has become fashionable: SPACs.
Special purpose acquisition companies have been embraced by big institutions and small-pocketed investors alike. Celebrities and famous athletes have endorsed them.
SPACs have raised more than $96.5 billion in less than three months so far this year. That tops the $83.3 billion raised in all of last year, which itself was six times bigger than the prior year, according to SPACInsider.