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US investor Warren Buffett has branded the Spac boom a killer as he criticised greedy City advisers.
The 90-year-old became the latest to slam Spacs – or Special Purpose Acquisition Companies – at the weekend shareholder meeting of his company Berkshire Hathaway.
Spacs, also known as blank cheque companies , are empty firms which list on the stock market, raising millions from investors with the purpose of buying an existing company.
Raising concerns: Warren Buffett became the latest to slam Special Purpose Acquisition Companies
Usually led by a prominent investor, they have become increasingly popular in the aftermath of the pandemic. It s a killer, said Buffett, explaining that the amount of money being funnelled into Spacs meant they now had the edge over companies like his when deal-making.
Blank Checks Are Rarely Good Are SPACs The Exception? forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
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Earlier this year, we saw how powerful small individual investors can be when acting in unison, as they bought heavily into highly-shorted companies such as GameStop.