LMACU - Bill Ackman and Chamath Palihapitiya's hot SPACs are tanking

High-profile special purpose acquisition companies like Pershing Square Tontine Holdings (PSTH) and Social Capital Hedosophia Holdings V (IPOE) are tanking Friday as investors suddenly grow wary of the frothy asset class.IPOE, founded by swashbuckling venture-capital investor Chamath Palihapitiya, was leading the class lower. The SPAC was down 14.4% shortly after 11 a.m. ET.Its sister SPAC Social Capital Hedosophia Holdings VI (IPOF) was also off some 7%.Similarly, Pershing Square Tontine, a SPAC founded by billionaire financier Bill Ackman, dropped as much as 9.1% on the session and was down 5.6% in late-morning trading.And while Liberty Media Acquisition Corp. (LMACU) was only down 0.1% on the day, it's more than 21% below the $14.25 intraday high that the SPAC reached on Feb. 11. LMACU is tied to Liberty Media Corp., which owns stakes in SiriusXM, Formula One racing and the Atlanta Braves.SPACs have been hot for months on Wall Street, but many

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Bill Ackman and Chamath Palihapitiya's hot SPACs are tanking