A few weeks ago, I said the tide was turning in SPAC-land. This week, I think it's safe to say that the tide has completely gone out on SPACs. A few weeks ago, an average SPAC merger announcement would result in a 10% pop. A good SPAC merger announcement (a good deal by a good sponsor) would pop 30% or more, and if the deal was buzzy enough >50% pops were pretty routine. An average SPAC IPO would trade up 5% on their first trade, while SPACs with good sponsors would trade at 10% premiums (or more) on the first day of their IPO. And just about every pre-deal SPAC was trading for a nice premium to trust, while pre-deal SPACs from buzzy sponsors would trade for enormous premiums. For example, IPOD (Chamath's fourth SPAC) peaked at ~$18/share in late January and consistently traded for >$15/share in February.