The father of special purpose acquisition companies (SPACs) was recently on the Lex Friedman podcast eliciting sympathy from the audience by talking – in that soft-spoken voice – about how difficult his upbringing was. It’s a shame he wasn’t confronted about how much damage he did to retail investors while amassing his wealth. Mr. Palihapitiya joined the billionaire club while claiming to democratize access to wealth when the exact opposite was happening. We sounded the alarm when the first SPAC offering debuted and have warned about them ever since. Retail investors always get the short end of the stick, and distributed manufacturing SPACs were no different.
One of these was Fast Radius (FSRD), a company that Palantir (
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