The Celebrity SPAC Curse: Why Every Famous SPAC Failed
In the history of capital markets, there has never been a more reliable sell signal than a celebrity endorsing a SPAC. Not a single celebrity-associated SPAC has produced positive returns for investors. The average return among celebrity SPACs that completed mergers: -96.9%.
This isn't coincidence. When a SPAC needs a famous face to sell units, it's because the deal can't sell itself on fundamentals. The celebrity is there to generate buzz, attract retail investors, and create an aura of legitimacy that the underlying business doesn't deserve.
The Hall of Shame
| Celebrity | Company | Ticker | Peak Price | Current | Return | Status |
|---|---|---|---|---|---|---|
| Jay-Z | The Parent Company | TPCO | $12.50 | $0.01 | -99.9% | Bankrupt/Delisted |
| Shaquille O'Neal | Beachbody / Forest Road | BODY | $14.00 | $0.15 | -98.9% | Near Zero |
| Martha Stewart | AppHarvest | APPH | $42.00 | $0.00 | -100% | Bankrupt |
| Richard Branson | 23andMe | ME | $17.65 | $0.00 | -100% | Bankrupt |
| Richard Branson | Virgin Orbit | VORB | $12.89 | $0.00 | -100% | Bankrupt |
| Trevor Milton | Nikola | NKLA | $93.99 | $0.46 | -99.5% | Bankrupt |
| Colin Kaepernick | Mission Advancement Corp | MACU | $10.00 | $0.00 | Liquidated | Liquidated |
| Serena Williams | Velo3D | VLD | $11.00 | $0.12 | -98.9% | Near Zero |
| Alex Rodriguez | Slam Corp | SLAM | $10.00 | $0.00 | Liquidated | Liquidated |
| Steph Curry | dMY Technology Group | DMYT | $16.00 | $3.50 | -78% | Trading |
| Ciara (singer) | Replay Acquisition Corp | RPLA | $10.00 | $0.00 | Liquidated | Liquidated |
| Paul Ryan (Speaker) | Executive Network Partnering Corp | ENPC | $10.00 | $0.00 | Liquidated | Liquidated |
Jay-Z: From Empire State of Mind to -99.9%
Jay-Z — Shawn Carter, billionaire rapper, music mogul, husband of Beyoncé — lent his name and brand to The Parent Company (TPCO), a cannabis SPAC. The premise was that Jay-Z's cultural cachet would help build a dominant cannabis brand. The peak price hit $12.50. The current price: $0.01. That's a 99.9% loss. Not 99% — 99.9%.
The cannabis market itself was struggling, but TPCO's problems went beyond market conditions. The company burned through cash, failed to build a differentiated brand, and eventually delisted. Jay-Z's net worth was unaffected. His investors' net worth was not.
Shaquille O'Neal: Beachbody Destroyed
Shaq, the lovable former NBA champion, promoted Forest Road Acquisition Corp's merger with Beachbody, the home fitness company. Peak price: $14.00. Current price: $0.15. Return: -98.9%.
Beachbody had actual revenue and a real customer base, but the SPAC valuation was absurd for a mature fitness brand with declining subscriber growth. The stock has been in freefall since the merger. O'Neal was later named in a class-action lawsuit alleging that celebrity promoters failed to disclose their financial incentives to retail investors.
Martha Stewart: From Prison to Bankrupt SPAC
Martha Stewart served as a board member of AppHarvest, an AgTech company that went public via SPAC in 2021. The company built massive indoor farms in Appalachia and promised to revolutionize agriculture. Peak price: $42.00. Current price: $0.00. Return: -100%.
AppHarvest filed for Chapter 11 bankruptcy in July 2023, just 24 months after going public. The company couldn't grow tomatoes profitably, despite raising hundreds of millions. Stewart's involvement was primarily promotional — her name on the board attracted retail investor attention and media coverage.
Richard Branson: Two SPACs, Two Bankruptcies
Sir Richard Branson holds the unique distinction of being associated with two SPAC bankruptcies. Virgin Orbit, his satellite launch company, went public via SPAC in 2021 with a peak market cap of $3.7 billion. It filed for bankruptcy in April 2023, just 16 months later, after a failed rocket launch.
23andMe, the DNA testing company that went public through a Branson-backed SPAC, peaked at a $6 billion valuation before filing for bankruptcy in March 2025. Along with destroying investor capital, the bankruptcy put the DNA records of 15 million customers at risk of being sold to the highest bidder.
Combined losses from Branson-associated SPAC bankruptcies: $9.7B.
Steph Curry: Even Winners Lose
Stephen Curry, the greatest shooter in NBA history, was associated with dMY Technology Group, which merged with IronNet Cybersecurity. IronNet subsequently went bankrupt. Curry's SPAC investment went from a peak of $16 to $3.50 — a 78% loss. Even the "best" celebrity SPAC outcome on this list is a devastating loss.
The Liquidated: Famous Names, No Deals
Several celebrity SPACs never even completed a merger. Colin Kaepernick's Mission Advancement Corp, Alex Rodriguez's Slam Corp, Ciara's Replay Acquisition Corp, and former House Speaker Paul Ryan's Executive Network Partnering Corp all failed to find targets and returned cash to investors.
These are actually the bestoutcomes on this list — investors got their money back. The celebrities who couldn't find a deal inadvertently protected their investors better than the ones who did.
Why Celebrity SPACs Are Doomed
1. Adverse selection:Good companies don't need a celebrity to go public. They use Goldman Sachs and a traditional IPO. Celebrity SPACs attract companies that can't get through normal underwriting scrutiny.
2. Misaligned expertise: Jay-Z knows music, not cannabis operations. Shaq knows basketball, not fitness subscription economics. The celebrity adds buzz but subtracts due diligence.
3. Retail investor targeting: Celebrity SPACs are explicitly designed to attract unsophisticated retail investors who make investment decisions based on brand recognition rather than financial analysis. This is predatory by design.
4. Asymmetric risk: The celebrity gets paid (through promote shares, advisory fees, or equity grants) regardless of the outcome. Their personal wealth is never meaningfully at risk. Retail investors bear 100% of the downside.
The rule is simple:If a SPAC needs a famous person to sell you shares, the shares aren't worth buying. Every single data point confirms this. Zero exceptions. A celebrity endorsement on a SPAC is the modern equivalent of a "going out of business" sign.
Data from SEC filings, market data, and court records. Celebrity association defined as named sponsor, board member, or publicly identified promoter of the SPAC or merged entity.