IPOF - Bill Ackman and Chamath Palihapitiya's SPACs rally back from big declines

Widely followed SPACs like Pershing Square Tontine Holdings (PSTH) and Social Capital Hedosophia Holdings V (IPOE) staged a stunning rebound heading into Friday’s close, rising sharply in the late afternoon after tanking in the morning.Pershing Square Tontine, a SPAC founded by billionaire financier Bill Ackman, was up 9.4% shortly before 3:30 p.m. after dropping by as much as 9.1% in the morning.Similarly, IPOE, founded by venture-capital investor Chamath Palihapitiya, was ahead 3.6% after being down 18.2% earlier in the session.IPOE’s sister special purpose acquisition company Social Capital Hedosophia Holdings VI (IPOF) was likewise ahead 4.3% -- a sharp reversal from its 9.2% loss in the morning.Meanwhile, Bridgetown Holdings (BTWN) was up 9.6% after being down 8.5% earlier.However, not all SPACs shared in the rebound.For instance, Ribbit LEAP Ltd. (LEAP) fell as much as 9.6% earlier in the session and remained 5.3% lower heading into the close.SPACs have been hot for

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Bill Ackman and Chamath Palihapitiya’s SPACs rally back from big declines