stackyFACTSIt turns out modern SPACs and meme stocks are just copying a 300-year-old grift.
It turns out modern SPACs and meme stocks are just copying a 300-year-old grift. The South Sea Company convinced the British government to let them take over the national debt in exchange for exclusive trading rights in South America. The tiny problem was that they never actually conducted any meaningful trade. They just aggressively hyped up their own stock price, bribed politicians, and watched the shares skyrocket 1000% before the spectacular, catastrophic crash.
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