This crash beneath the surface showed something had broken, that the magic had died, that hype and hoopla were suddenly unable to carry the day (transcript).
In short, the party ran out of bamboozle.
Margin debt issued warnings starting in early 2021 that the Big S would hit the fan. Folks blew it off.
From SPAC merger to Chapter 7 bankruptcy in 12 months. That was fast! Congratulations on the speed and on being first!
Still way too much wild craziness, including the ultimate bag-holder gamble: Why the bottom isn’t anywhere near.
But we’ve had it so good for so long. And it was so easy, and it made everyone look like a genius.
Wall Street is still trying to bleed retail investors. But they’re no longer all that eager to get bled.
Dotcom Bust 2 has begun. Only bigger. (Transcript from the podcast).
Electric Last Mile said it might only make it “into June.” So far in this cycle, 25 SPACs have warned they might not make it, including 6 EV SPACs.
Dotcom Bust 2 has begun. Only bigger.