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The SPAC Gold Rush Is The Financial Bubble At Its Giddiest

Last March, the Nikola Corporation announced that it was going public. Nikola is in the electric truck business, although it’s more accurate to say that it is in the business of convincing investors that it might someday manufacture electric trucks at scale.

Capital
Japan's SoftBank Group CEO Masayoshi Son delivers a speech during a press briefing on the company's financial results in Tokyo on November 6, 2019. - Japanese giant SoftBank Group said Wednesday it suffered an operating loss of $6.4 billion in the second quarter, the worst in its history, taking a hit from investments in start-ups including WeWork and Uber. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)

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