Celebs including A-Rod and Ciara are getting into SPACs. What could go wrong?

Baseball legend Alex Rodriguez’s special purpose acquisition corporation, Slam Corp., began trading Tuesday on the Nasdaq after raising $500 million. The fact that athletes, politicians and musicians are backing SPACs underlines the staggering sums of cash being poured into the sector. Once reserved to the backwaters of Wall Street, these reverse merger companies are all the rage in this era of rock-bottom interest rates and sky-high market valuations. But some fear the SPAC boom is a classic case of bubble behavior. And the nature of these deals — investors handing shell companies with no operating assets a blank check to buy an undetermined private company — means betting

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