Luttig's Learnings is a Substack on tech investing, startups, AI, and markets, written by an investor.
HN links it for essays on tech companies and markets; commenters draw on it in discussions of SPAC returns and a struggling company.
I'm not surprised. The complete company doesn't provide any actually required product or value, just aggregating "users". And the company has the worst imaginable reputation (closed-source, awkward and stupid censorship, clear name enforcement, advertisement, users are not customers but a resource, and much more).
Interestingly this article was featured here recently:
https://luttig.substack.com/p/dont-forget-microsoft
It doesn't talk about software, development, technology or service. Merely, buy others. If you don't innovate yourself you have to buy quickly everyone else before they can harm you. That is what Facebook is doing.
I'm reading this to imply that as a general rule of thumb, in recent times SPACs have been a better deal for the company going public than for the SPAC investors. That outsized returns exist but are not the norm.
There was a good resource linked in one of the footnotes that is a much more concise summary:
"SPAC Attack: everything a founder or investor should know"
https://luttig.substack.com/p/spac-attack-everything-a-founder