notable that the SPAC market took hits when 1) the government merely suggested that maybe SPACs were a scam that needed to be regulated (using more nuanced language, of course), and then again when 2) the government actually proposed some regulations that would prevent the fraud. but maybe that's just the nature of business.
how did SPACs work? find some private company A (e.g. Bird -- the e-kick-scooter company) with little to no chance of ever making it to an IPO by traditional (read: non-fraudulent) means, SPAC suitor finds co-conspirator investor company CC (e.g. Palantir) to enter fake contract with private company A guaranteeing that company tons of revenue over some ridiculously short amount of time -- presumably paying for actual goods/services, which allows the SPAC (e.g. Chamath) to do his overhyping routine on the investor shopping channel, CNBC, to lure in retail investors (read: the marks) about the nature of the private company A's prospects going forward, consummate the SPAC / IPO, then everyone on the take tries to get their money out before the ponzi scheme implodes.
good work, if you can get it.
then Chamath out here lecturing everyone about how VC industry is a ponzi scheme. presumably, like SBF, he just wanted his cut, and then got angry for being called out for it, so went the (Canadian sprinter) Ben Johnson route -- yeah, I'm corrupt, but everyone is corrupt, so spare me the pikachu face.
i don't know why Coindesk has been so publicly and strenously calling for SBF to be jailed, but be interesting to see if Chamath gets the same treatment. hopefully for him, his investors are/were not rich enough to request prosecution.