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Palihapitiya to wind down two SPACs as choppy markets drag valuations

Palihapitiya to wind down two SPACs as choppy markets drag valuations
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SoFi rises 12% after merging with Chamath Palihapitiya's Social Capital Hedosophia V Corp

SoFi rises 12% after merging with Chamath Palihapitiya's Social Capital Hedosophia V Corp
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Speculative Fervor Reignites as Meme Stocks, SPACs Bounce Back

(Bloomberg) Investors are rediscovering their appetite for the market’s speculative fringes.The shares of GameStop Corp. and AMC Entertainment Holdings Inc. the poster-children of this year’s Reddit boom are surging. Interest in special purpose acquisition companies has reignited with Chamath Palihapitiya’s blank-check firms leading the way. And Bitcoin and Ether are up after last week’s bonfire in cryptocurrencies.While the catalyst is unclear, retail traders appear to be driving the action. Touts are plastered all over social media with individual investors attempting to pump their bets on Twitter, Reddit’s WallStreetBets and chatrooms on Stocktwits.“The Reddit raiders are at it again,” Michael Pachter, analyst at Wedbush Securities, said as shares of GameStop and AMC were among the most actively traded stocks Wednesday. “It looks retail driven to me.”Memes Are ForeverWhile the S&P 500 is virtually flat this mo

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