The Celebrity SPAC Tax
When famous names attached themselves to SPACs, investors paid a steep price. Celebrity-backed SPACs didn't just fail to outperform — they returned 69.95% worse than non-celebrity SPACs. This is the data behind the celebrity tax.
Based on 16 celebrity-backed SPACs vs 1304 non-celebrity SPACs tracked in the SPAC Graveyard database.
The Celebrity SPAC Premium
70.0%
worse returns than non-celebrity SPACs
Celebrity endorsements didn't just fail to help — they actively made things worse. Celebrity-backed SPACs returned 67.9% less than the already-terrible SPAC average.
Celebrity SPACs vs All SPACs
🎭 Celebrity SPACs(16 SPACs)
📊 Non-Celebrity SPACs(1304 SPACs)
Celebrity SPAC Returns — Ranked by Performance
Every celebrity-backed SPAC, worst to best. The dashed line shows the non-celebrity SPAC average.
The Celebrity Lineup — Who Cost Investors the Most
#1 Worst
Richard Branson
SPAC Sponsor (VG Acquisition)
-100%
$892M lost
Virgin Group founder, lent his brand to the SPAC
Bankrupt · Healthcare · $509M raised
23andMe, the DNA testing company co-founded by Anne Wojcicki, went public via a Richard Branson-backed SPAC in 2021. A massive data breach exposing 6.9 million users and failed drug development led to bankruptcy in March 2025, raising concerns about the fate of 15 million customers' genetic data.
Bankrupt · Aerospace/Defense · $383M raised
Virgin Orbit, Richard Branson's satellite launch company, used a modified 747 to air-launch small rockets. After a failed UK launch in January 2023, the company ran out of cash and filed Chapter 11 in April 2023, just 16 months after its SPAC merger.
#2 Worst
J.D. Vance
Board Observer (briefly)
-100%
$100M lost
Now US Vice President, was briefly associated with AppHarvest
Bankrupt · Industrials · $100M raised
AppHarvest built high-tech indoor farms in Appalachia with Martha Stewart on its board, reaching a $42 stock price on sustainability hype. The company filed bankruptcy in July 2023 after its tomatoes cost more to grow than they could be sold for.
#3 Worst
Steph Curry
Celebrity Investor
-100%
$230M lost
NBA champion, invested in and promoted the SPAC
Bankrupt · Technology · $230M raised
dMY Technology Group, backed by Steph Curry, merged with IronNet Cybersecurity. The deal combined celebrity backing with a former NSA director's company — and still ended in bankruptcy.
#4 Worst
Bill Gates
Investor
-100%
$200M lost
High-profile backer whose involvement attracted other investors
Bankrupt · Clean Energy · $200M raised
Heliogen, a Bill Gates-backed concentrated solar energy company, went public via SPAC in 2021. The company promised to replace fossil fuels in industrial processes but filed Chapter 11 bankruptcy in 2023 after failing to commercialize its technology.
#5 Worst
Jay-Z
Chief Visionary Officer
-99.9%
$100M lost
Lent his brand, minimal operational involvement
Delisted · Consumer · $100M raised
Jay-Z backed The Parent Company, a cannabis venture that merged via SPAC in 2021 and promptly collapsed as the California cannabis market imploded. Jay-Z's involvement couldn't save it from penny-stock oblivion.
#6 Worst
Michael Auerbach
SPAC Sponsor
-99.9%
$100M lost
Subversive Capital founder
Delisted · Consumer · $100M raised
Jay-Z backed The Parent Company, a cannabis venture that merged via SPAC in 2021 and promptly collapsed as the California cannabis market imploded. Jay-Z's involvement couldn't save it from penny-stock oblivion.
#7 Worst
Shaquille O'Neal
Celebrity Backer
-98.9%
$297M lost
Promoted the SPAC, endorsed the merger
Delisted · Consumer · $300M raised
Beachbody, the home fitness company endorsed by Shaquille O'Neal, went public via SPAC and promptly collapsed as the COVID fitness boom reversed. The stock fell 99%.
#8 Worst
Keith Horn
Forest Road SPAC Sponsor
-98.9%
$297M lost
Entertainment industry SPAC creator
Delisted · Consumer · $300M raised
Beachbody, the home fitness company endorsed by Shaquille O'Neal, went public via SPAC and promptly collapsed as the COVID fitness boom reversed. The stock fell 99%.
#9 Worst
Serena Williams
Celebrity Investor
-98.9%
$341M lost
Tennis champion, promotional involvement
Delisted · Industrials · $345M raised
Velo3D makes advanced metal 3D printers for aerospace, endorsed by Serena Williams. Despite real technology and SpaceX as a customer, the stock collapsed 99%.
#10 Worst
Chamath Palihapitiya
SPAC Sponsor
-98.5%
$591M lost
Sold most of his stake by 2021, flagship SPAC
Zombie · Aerospace/Defense · $600M raised
Virgin Galactic was Chamath Palihapitiya's flagship SPAC and the first space tourism company to go public in 2019. Despite completing a few tourist flights, the company burned through billions with minimal revenue and executed a 1-for-20 reverse stock split in 2024.
#11 Worst
Kenny Dichter
CEO & Founder
-85%
$273M lost
Stepped down in 2023 restructuring
Zombie · Aerospace/Defense · $321M raised
Private aviation membership company backed by celebrities (Kenny Chesney, Serena Williams). Restructured in 2023 after near-bankruptcy, massively diluting original investors.
#12 Worst
Michael Phelps
Celebrity Spokesperson
-75%
$188M lost
Olympic swimmer promoted the platform
Zombie · Healthcare · $250M raised
Online therapy platform backed by celebrities lost 90%+ after overpromising on mental health tech disruption. Survived via acquisition.
#13 Worst
Donald Trump
Chairman & Majority Owner
-30%
$88M lost
Former and current US President, owns ~57% of shares
Survivor · Media/Entertainment · $293M raised
Trump Media went public via the most politically charged SPAC merger in history. The company behind Truth Social has minimal revenue ($4M annually) but trades at a $7B+ market cap entirely on political sentiment around Donald Trump.
#14 Worst
Patrick Orlando
DWAC SPAC Sponsor
-30%
$88M lost
Charged with fraud related to premature merger discussions
Survivor · Media/Entertainment · $293M raised
Trump Media went public via the most politically charged SPAC merger in history. The company behind Truth Social has minimal revenue ($4M annually) but trades at a $7B+ market cap entirely on political sentiment around Donald Trump.
#15 Worst
Alex Rodriguez
Chairman & Co-Sponsor
0%
Former MLB star, built post-career business empire
Delisted · Media/Entertainment · $200M raised
Alex Rodriguez's SPAC raised $200 million in 2022 but failed to find a merger target and liquidated. A-Rod joined the long list of celebrities who couldn't make SPACs work.
#16 Worst
Marc Lore
Co-Sponsor
0%
Former Walmart eCommerce CEO, serial entrepreneur
Delisted · Media/Entertainment · $200M raised
Alex Rodriguez's SPAC raised $200 million in 2022 but failed to find a merger target and liquidated. A-Rod joined the long list of celebrities who couldn't make SPACs work.
#17 Worst
Colin Kaepernick
Co-Sponsor
0%
Former NFL QB and social justice activist
Delisted · Technology · $250M raised
Colin Kaepernick's SPAC raised $250 million but failed to find a target company. It liquidated and returned cash to shareholders — ironically one of the better outcomes in SPAC history.
#18 Worst
Jillian Williams
Co-Sponsor & CEO
0%
Investment professional who led the SPAC
Delisted · Technology · $250M raised
Colin Kaepernick's SPAC raised $250 million but failed to find a target company. It liquidated and returned cash to shareholders — ironically one of the better outcomes in SPAC history.
#19 Worst
Ciara
Celebrity Sponsor
0%
Grammy-winning artist
Delisted · Blank Check · $150M raised
Ciara's SPAC, Replay Acquisition Corp, failed to complete a merger and liquidated. Another celebrity SPAC that proved star power doesn't translate to deal-making.
#20 Worst
Russell Wilson
Associated Celebrity
0%
NFL quarterback, Ciara's husband
Delisted · Blank Check · $150M raised
Ciara's SPAC, Replay Acquisition Corp, failed to complete a merger and liquidated. Another celebrity SPAC that proved star power doesn't translate to deal-making.
#21 Worst
Paul Ryan
Chairman & Co-Sponsor
0%
Former Speaker of the House, 2012 VP nominee
Delisted · Blank Check · $345M raised
Former House Speaker Paul Ryan's SPAC raised $345 million but failed to find a merger target and liquidated quietly.
Would You Have Been Better Off?
What $10,000 invested at the peak SPAC mania would be worth today
🎭 Celebrity SPACs
$3,211
Lost $6,789
📊 Average SPAC
$9,988
Lost $12
📈 S&P 500
$15,000
Gained $5,000
⚠️ SEC Investor Alert on Celebrity SPACs
The SEC issued a specific investor alert warning about celebrity-backed SPACs, noting that “celebrities, like anyone else, can be lured into participating in a risky investment or may be better able to sustain the risk of loss.”
Read the full SEC Investor Alert →