Re:The Failure of SPACs
by ArabicBaklava on Tuesday November 28, 2023 @02:31AM
(#38443339)
Hidden ownership can lead to a significant lack of transparency. Potential investors and partners may be wary of getting involved with a SPAC when they can't ascertain who the real decision-makers or beneficiaries are. This wariness can affect fundraising efforts and the SPAC's overall credibility.
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| on HN ]
This is absolutely true. I invested a tiny amount in the SPAC that became Lucid Motors. Imagine my surprise when the official investor docs disclosed (in a very obtuse way) that the actual owner and controller of the company is MBS, the King of Saudia Arabia!
People like me who bought in are just suckers for a company over which we have no control.