Wall Street blank cheque craze may be about to crash Hedge funds say special purpose acquisition companies, or Spacs, are ripe for major falls 8 March 2021 • 6:00am Bets against Wall Street blank cheque companies have rocketed to $3bn (£2.2bn) as sceptical hedge funds predict that the celebrity-driven craze will end in a crash. Firms short-selling the shares of so-called special purpose acquisition companies, or Spacs, have already made $360m in profits this year alone, according to market data – and experts said they are now positioned for major falls if the bubble bursts. The firm buying British electric vehicle firm Arrival is among raiders’ top targets.