What's a SPAC or a "Blank Check Company"?

Published: 7/27/2020, 3:35:07 AM EDT

Billionaire investor Bill Ackman sponsored his first "Blank-check company" since 2011 this week. It means he now has $4 billion from investors to buy whatever company he wants. Sounds like fun.

That company will then be merged with Ackman's new listing and become a publically listed company. It's an interesting approach and it's seen record popularity this year. I asked Joseph Trevisani why that is.