Chamath Palihapitiya, one of the big boosters of special purpose acquisition companies, has thrown in the towel, returning $1.5bn to investors after failing to find targets.
The former Facebook executive, who once labelled himself the Warren Buffett of his era, said two of his vehicles would liquidate, blaming valuations and volatility for his inability to find deals.
Spacs are publicly traded vehicles that raise cash and then seek to acquire private companies. They took off as an alternative to a traditional initial public offering but the market has plunged this year as investors shied away from riskier businesses.
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