SPACs

Son overrode his lieutenants’ objections and handed WeWork founder Adam Neumann billions of dollars from both SoftBank and the Vision Fund.

The company’s $9B valuation in an October 2021 deal, one of the biggest mergers at the time, exemplified the profligacy of a near-zero interest rate environment.

The spiked deal comes just over six months after Ares launched Ares Acquisition Corp. II, a $500 million behemoth that’s the largest blank check to price since January 2022.

As individual investors pull back, private equity finds opportunity in the increasingly exclusive SPAC market.