- According to the Wall Street Journal, Chamath Palihapitiya has filed seven new SPACs confidentially with the SEC.
- The busy investor publicly supported five SPACs for a total of $ 3.7 billion in 2020.
- Palihapitiya was interested in the formation of an additional group of biotechnology focus spaces.
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Chamath Palihapitiya’s enthusiasm for specialty procurement companies, or SPACs, may extend even deeper than its Wall Street disciples and followers realize on social media.
The busy investor publicly backed five SPACs in 2020 for a total of $ 3.7 billion through its technology investment firm, Social Goods. However, a new report from the Wall Street Journal found that Palihapitiya had filed a confidential complaint for seven new SPACs with the Securities and Exchange Commission, pointing out that new ventures were coming.
Although the operational and corporate objectives for these seven SPACs remain unknown, Palihapitiya was hard at work engaging other audiences through the
SPACE
process, which functions differently from a traditional initial public offering. His recent contributions include Virgin Galactic Holdings, Opendoor Technologies, Clover Health Investments and SoFi.
Earlier this week, Palihapitiya sold its personal stake in Virgin Galactic, totaling $ 211 million from 6.2 million shares, according to an SEC filing. He started selling shares in December, mentioned on Twitter at the time that he would need cash to fund a number of new projects starting in 2021. ‘
According to the Wall Street Journal, citing sources, Palihapitiya has shown interest in forming an additional group of biotechnology focus spaces in the future.
A former Facebook CEO, Palihapitiya, has been true to its technological background and has the investment prowess to become a leading figure in the booming SPAC market. He has big fans on social media platforms like Reddit and Twitter, and is a regular on CNBC.
His following became so strong that Twitch approached him to use their live platform to announce his business announcements, according to the Wall Street Journal. In a recent interview with Bloomberg, Palihapitiya said that his smart media on social media has helped him with a new generation of investors.
‘Nobody’s going to listen [Warren] Buffett, “he told Bloomberg.” Buffett does not have the energy to say what he said 30 and 40 years ago in 2021. And that’s OK, he basically deserves the right to relax and be the BOK, but there must be some other people who take the mantle, take the baton and do it to the younger generation in the language they understand. . ‘