So the large investment bankers were complaining the integrity of the markets was at risk if they allowed WallStreetBets to continue trading their ways, and that the SPAC craze was also detrimental to it's stability. They even came on CNBC to complain several times, so what did they do? They inversely coupled the 10YR Yield as an excuse to use inflation fear (which barely will happen) to growth stocks. Fired up the algos to hit anything growth across the boards, made sure all SPAC stocks, and especially all WSBets/stocktwits popular stocks were included. to try and force everyone to move to their boring cyclical and value side of the market. They were simply pissed their way of trading was getting ignored, losing interest, angry that their COKE holdings was going nowhere even though the company can't grow anymore. Notice Charlie Munger has shut his trap now?
Also, to add to SPAC argument, investment banks want to quash the SPAC way of IPO, so will dismay private companies from taking that route, going only for the way the big boys make best bank.
But how is doing this going to make things better? It actually causes the would be investors to lose confidence in the market, knowing they can rig it this way, and the future traders will leave. Any smart business knows they always need the New! to grow and survive.
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