SPAC + dubious product sounds a lot like Nikola. We'll see if this goes the same way. The valuations being thrown around are shocking though. A lot of Kool aid going around in investment right now.
Just wanted to point out that there are good SPAC too. Hyliion, OpenDoor & Virgin Galactic come to mind. If you haven't heard of HYLN, check it out. It's currently in a massive dip due to many people cashing their early SPAC price + many people associating Nikola with HYLN because they're both in the EV truck industry, but HYLN has actually amazing tech, great founder and I've talked to many truckers who cannot wait to retrofit the new engine in their old truck.
OpenDoor and Virgin Galactic both went public through Chamath’s SPACs. It might be a little early to judge if they are good SPACs, we’ll see how they are performing several years from now.