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Before 2020, trading in SPACs was muted when they made their debut on public markets. Now, shares of blank-check companies almost always go up - the last 140 SPACs to go public have either logged gains or ended flat on their opening day of trading. The gains in companies that don’t yet have any underlying business underscore the wave of speculation in today’s markets.
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“I would just have a bad case of FOMO if I wasn’t in SPACs,” said Marco Prieto, a 23-year-old real-estate agent living in Tucson, Ariz., referring to the fear of missing out that is driving many individuals to put money into markets.
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