SPACs fall out of favor as Silicon Valley retrenches Venture Capital - Wall Street HEAD TOPICS

SPACs fall out of favor as Silicon Valley retrenches

10/22/2022 8:46:00 PM

Turns out SPACs aren' t everything to everyone

Venture Capital Wall Street

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Axios

When the special purpose acquisition corporation (SPAC) boom was in full swing, a number of VCs jumped in by sponsoring their own. Now, several have withdrawn from the market. Turns out, SPACs aren't everything to everyone. By the summer of 2020, investors of all stripes were rushing into the growing SPAC market, forming and sponsoring their own vehicles in the hopes of adding one more investment to their arsenal. At least, that’s how many explained it at the time.That included more than a dozen venture firms such as Khosla Ventures, FirstMark Capital, Highland Capital Partners, Dragoneer Investment Group, Tribe Capital, Lerer Hippeau, Greycroft, Foundry Group, Ribbit Capital and Lux Capital. State of play:The broader market downturn has also affected SPACs, so at least a handful of firms have made a U-turn. These include:Tribe Capital, which exited as a co-sponsor of its first vehicle in June, and a month earlier pulled the IPO registration of its second. Read more:
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President Joe Biden said Friday that while he has not made a formal decision about running for reelection in 2024, it is his 'intention' to do so. Read more >> The 10 Best Red Wines to Drink This FallAs the weather turns, so does your wine. Here are the reds you should be drinking this autumn. National Geographic Content turns to HBCUs to train, develop future Explorers and filmmakersQualified students will receive a $10,000 scholarship and an invitation to an immersive two-week program in Washington, D.C. National Geographic Content turns to HBCUs to train, develop future Explorers and filmmakersNational Geographic Content is investing in the next generation of explorers and storytellers with the National Geographic Media Scholarship program. Lori Harvey Turns Heads in a Sheer Illusion Catsuit and Stiletto HeelsLori Harvey attended the launch of designer LaQuan Smith's collection for Cash By Cash App in NYC wearing a sheer catsuit and leather bomber jacket. Joanna Gaines says she’s ‘trying not to cry’ as her daughter turns 16Joanna and Chip Gaines’ oldest daughter, Ella, recently celebrated her sweet sixteen. Atlanta turns into a quiet family dramaEarn, Van, and Lottie embark on a camping trip in “Snipe Hunt” Flashback: By the summer of 2020, investors of all stripes were rushing into the growing SPAC market, forming and sponsoring their own vehicles in the hopes of adding one more investment to their arsenal.Hawk and Horse Vineyards 2019 Cabernet Sauvignon Red Hills Lake County Hawk and Horse Vineyards Grapes for this delicious wine are grown in a certified organic and biodynamic vineyard located in the Red Hills AVA in Lake County.Thursday, October 20, 2022 7:50PM National Geographic Content is investing in the next generation of explorers and storytellers with the National Geographic Media Scholarship program .Thursday, October 20, 2022 7:50PM National Geographic Content is investing in the next generation of explorers and storytellers with the National Geographic Media Scholarship program . At least, that’s how many explained it at the time. That included more than a dozen venture firms such as Khosla Ventures, FirstMark Capital, Highland Capital Partners, Dragoneer Investment Group, Tribe Capital, Lerer Hippeau, Greycroft, Foundry Group, Ribbit Capital and Lux Capital. In the mouth there are rich fruit flavors and a strong mineral backbone from the rocky, red volcanic soils. State of play: The broader market downturn has also affected SPACs, so at least a handful of firms have made a U-turn.C. These include: Tribe Capital, which exited as a co-sponsor of its first vehicle in June, and a month earlier pulled the IPO registration of its second. It is purple colored in the glass with aromas of red currant, red plum and freshly ground white pepper. Ribbit Capital and Vy Capital recently liquidated their SPACs. Students will also be paired with executive mentors for at least six months. FirstMark Capital, whose first SPAC completed its merger with internet provider Starry earlier this year, has pulled the other two vehicles before their IPOs. There are grippy tannins with a fruit filled finish. "At National Geographic, we are dedicated to being inclusive and telling inclusive stories that appeal to multicultural and multigenerational audiences. Similarly, Khosla Ventures, which merged one of its SPACs with Nextdoor, has pulled the registration of its pre-IPO vehicle (it still has one searching for a merger target). What they're saying: "The great irony is that the market that finally allows attractively priced investments opportunities is also the same market that leads the tolerant investor to go to the sidelines," a general partner of a VC firm that pulled its SPACs tells Axios. It has aromas of forest floor, dark chocolate and black raspberry. Between the lines: The SPAC market no longer provides the VC-like perks that made it attractive, such as: High-quality, long-term investors . We want to be a destination for diverse storytellers," said Karen Greenfield, senior vice president, Inclusive Content, Diversity and Inclusion, National Geographic Content.