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SPACs take over Wall Street

Hedge fund manager Bill Ackman on Wednesday raised $4 billion via an IPO for a special purpose acquisition company (SPAC), the largest such offering in history.

Why it matters: SPACs, publicly traded shell companies designed to acquire other companies, are flooding Wall Street — creating new paths to the public markets for everything from DraftKings to Virgin Galactic to health insurance software giant Multiplan.

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