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https://www.wsj.com/articles/company-insiders-made-billions-before-spac-bust-4607a869

Company Insiders Made Billions Before SPAC Bust

Executives and early investors sold shares worth $22 billion

By

,

Shane Shifflett

and

Amrith Ramkumar

At their peak, SPACs accounted for 70% of all IPOs. But now, the market has dried up and shares of companies that did SPAC deals have crashed. WSJ explains the decline of the IPO vehicle. Illustration: Ali Larkin

The SPAC boom cost investors billions. Insiders in the companies that went public were on the other side of the trade.

Executives and early investors in companies that went public via special-purpose acquisition companies sold shares worth $22 billion through well-timed trades, profiting before share prices collapsed.

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