Hedge funds are set for giant windfalls as SPAC mania goes into overdrive

Hello, readers!

Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:

If this email was forwarded to you, sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Cathie Wood made a career betting on the future © David McNew/AFP via Getty; ARK Invest; Patricia De Melo Moreira/AFP via Getty; Bitcoin; Samantha Lee… David McNew/AFP via Getty; ARK Invest; Patricia De Melo Moreira/AFP via Getty; Bitcoin; Samantha Lee/Insider

Cathie Wood, the founder of ARK Invest, has amassed legions of obsessed followers. Wood has become a favorite of the Wall Street Bets crowd, and successfully kept control of her firm. Now, with assets accumulating and new funds coming out, the question is, can she sustain her success?

Insiders reveal how the ARK Invest founder won over memelord traders and boomer investors alike.

Lucid Motors speculation sends a Michael Klein-backed SPAC skyrocketing © MediaNews Group/Bay Area News via Getty Images MediaNews Group/Bay Area News via Getty Images

Dozens of hedge funds and money managers have pumped millions into special-purpose acquisition companies. And shares in Churchill Capital Corp. IV have surged since chatter of a deal to buy Lucid Motors emerged in mid-January. Here are the 9 big-name investors set for a huge windfall.

More on the SPAC craze: 

Pimco’s former funds board chair and ex-communications executive face accusations of sexual harassment in lawsuit © Mike Blake/Reuters Mike Blake/Reuters

Three more women have joined a lawsuit against the $2.2 trillion asset manager Pimco, bringing forward new accusations of sexual harassment against two men who once held prominent positions at the firm.

Goldman Sachs has seen an exodus of leaders in recent months © Cindy Ord/Getty; Paul Morigi/Getty; Sean Zanni/Patrick McMullan via Getty; Jemal Countess/Getty; Sha… Cindy Ord/Getty; Paul Morigi/Getty; Sean Zanni/Patrick McMullan via Getty; Jemal Countess/Getty; Shayanne Gal/Business Insider

David Solomon has been Goldman Sachs’ CEO for more than two years after succeeding Lloyd Blankfein. And Solomon has made significant changes to the company’s leadership team and a number of senior leaders have left in recent months. 

Here’s our exclusive org chart mapping out the latest power structure of 135 top Goldman leaders.

Fintechs are desperate to reach Gen-Z © Shannen Balogh; Samantha Lee and Skye Gould/Insider Shannen Balogh; Samantha Lee and Skye Gould/Insider

The COVID-19 pandemic has only accelerated a trend toward digital banking. Meanwhile, fintechs are trying new tools and marketing to reach Gen Z. 

Here’s how they’re using influencers like Charli D’Amelio to tap into what’s soon-to-be the largest generation of US customers.

© Will Newton /Getty Images Will Newton /Getty Images