Why the Biggest SPAC Ever Is Faltering

Famed activist investor William Ackman raised $4 billion for a blank-check company last year, enough to merge with a big, proven start-up. But he still hasn't found a company to buy, and is now suggesting he might return all of his investors' money. WSJ's Cara Lombardo tells us why Ackman is falling short. Learn more about your ad choices. Visit megaphone.fm/adchoices