Market mania has fed a SPAC boom. Here's who is at risk

Exactly one year ago, with the world in the grip of a deadly pandemic, Wall Street put its Covid-19 fears aside. That jumpstarted a wave of market euphoria that has since fed a boom in unusual activity, from the irrational hype around GameStop shares to a huge bitcoin rally.

Sign of the times: Among the most notable indicators of market mania has been the explosion of special-purpose acquisition companies, or SPACs. So-called "blank check" firms, which allow investors to back sponsors that then hunt for a private entity to take public, have raised tens of billions of dollars in 2021, an increase of more than 2,000% compared to 2020. READ MORE