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Celebrity-Backed Beachbody Is Cautionary Tale for SPACs

  • Purchase of Peloton-like bike maker has been a drag on results
  • Poor debut is a black mark for two former Disney executives
BeachbodySource: Beachbody Co.

With millions of consumers stuck at home due to the coronavirus in late 2020, Carl Daikeler found the perfect time to raise money for his at-home fitness company, Beachbody Co.

Daikeler opted for the fast track, a merger with Forest Road Acquisition Corp., a shell company with celebrity backers including basketball great Shaquille O’Neal, civil rights activist Martin Luther King III and two former Walt Disney Co. executives, Kevin Mayer and Tom Staggs.