Bill Ackman creates the first-of-its-kind SPARC—Here's what it means

Billionaire investor Bill Ackman announced Friday plans to buy 10% of Universal Music Group for around $4 billion. The deal would leave $1.5 billion in residual cash in Ackman’s SPAC, which would be rolled into a first-of-its-kind SPARC, or special purpose acquisition rights company, for another acquisition down the road. CNBC's David Faber reports on the details.
Mon, Jun 7 202110:00 AM EDT