SPAC boom fizzles, investors cash out on big names

Several companies, including Grab Holdings and BuzzFeed, that merged with shell entities to go public have seen their shares tumble, as investors pull the rug out from under the stocks hyped in Wall Street’s frenzied blank-check deals this year.

Shares of BuzzFeed, which merged with blank-check firm 890 5th Avenue Partners, have plunged 40 per cent since their debut on December 6. The digital media firm raised $16 million out of $288 million in the SPAC’s trust as 94 per cent of its investors took their money back.

Grab Holdings, southeast Asia’s biggest ride-hailing and delivery firm, has lost half its market