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Comment by greenyoda | Hacker News Reader

A description of how SPACs work can be found here: https://www.investopedia.com/terms/s/spac.asp

From the link:

> During a 2020–2021 boom period for SPACs, they attracted prominent names such as Goldman Sachs, Credit Suisse, and Deutsche Bank, in addition to retired or semiretired senior executives.

Now, why retired or semi-retired senior exec who are most probably already swimming in money and have a certain age are even thinking about these investments instead of just spend the fortune they have and enjoy life? I guess I'll never be such an exec...

They got that rich because for them the deal is the “juice”. They prob retired because they couldn’t invest as much time keeping up with it due to age but SPACs were such a feeding frenzy they could jump in and make a killing

Beyond a certain point (which these guys are all well past), money is just a way of keeping score.

One possible reason why rich people do this, is that they like making money, which got them rich in the first place.

Liking to make money and liking to enjoy money are different traits, I suppose.

> Liking to make money and liking to enjoy money are different traits, I suppose.

I get that. My dad was never that excited about making money, but he still described TurboTax as his favorite video game. Sometimes you just want to optimize the number, no matter what the number is.

It's really interesting how people can be so different, lol. One look at TurboTax and I feel deep existential dread, like it goes "deductions" to "heat death of the universe" in a few form fields.

I'm guessing they stopped only because the SEC made some rule changes that made SPACs less lucrative.

https://www.skadden.com/insights/publications/2022/03/sec-pr...

> Now, why retired or semi-retired senior exec who are most probably already swimming in money and have a certain age are even thinking about these investments instead of just spend the fortune they have and enjoy life?

Obsessive-compulsive disorder and self-worth insecurity that masquarades as 'success in business'.

Why would a programmer continue to program after retiring?

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