Hi, I'm Dan Pramak and welcome to Axios Recap, presented by Facebook.

We want to end the year by replaying not just some of our favorite interviews from 2020,

but ones that still have residents here in late December.

So today we're sharing with you our July 22nd conversation with hedge fund manager Bill Ackman,

who had just raised $4 billion for a SPAC.

Why it matters is that SPACs, which are otherwise known as blank check acquisition companies,

were one of the biggest 2020 financial stories on Wall Street.

Most days, there were several new ones being formed, all designed to buy up private companies

and take them public.

Kind of like an IPO mixed with a private equity deal.

Ackman Spack was the largest ever raised.

Today's Wednesday, July 22nd.

Earlier today, hedge fund Titan Bill Ackman raised $4 billion in an IPO on the New York Stock

Exchange.

But it wasn't for a company or even for the firm that controls his hedge funds.

It was for something called a special purpose acquisition company or SPAC, and it was the largest

SPAC IPO of all time.

SPACs have been around for a while.

They used to be called blank check acquisition companies.

In short, they're empty shells, no underlying product or revenue.

The idea is that a money manager like ACMEN creates one, raises money through an IPO,

and then uses that money to buy an actual company. Now, why would anyone want to be bought by a SPAC?

...