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When personalities want in on SPACs — Sam Altman to raise $1bINTL

When personalities want in on SPACs — Sam Altman to raise $1b

Now here’s a power duo that Ariana Grande and Lady Gaga would be proud of. Y Combinator’s Sam Altman and iconic Wall Street investor Michael Klein are teaming up to launch a special purpose acquisition company that will raise up to $1b!

You may not recognize Altman’s name at first, but he’s the former President of Y Combinator – the Silicon Valley startup accelerator that’s famed for graduating the likes of Coinbase, Airbnb (ABNB), and Dropbox (DBX). Currently, Altman is the CEO of OpenAI and additionally sits on the boards of Reddit and Expedia Group. So, it’s safe to say that he knows a thing or two about spotting tech unicorns.

why it matters
Klein too has made waves in the SPAC landscape lately by raising over $7b through other shell firms. As SPACs become more and more trendy, other famous names across finance (and pop culture) are joining in too, including LVMH’s Bernard Arnault, former Speaker of the House Paul Ryan, and basketball star Shaquille O’Neal.