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- Chamath Palihapitiya has confidentially filed seven new SPACs with the SEC, according to the Wall Street Journal.
- The buzzing investor publicly backed five PSPCs for a combined total of $ 3.7 billion in 2020.
- Palihapitiya has expressed interest in forming an additional group of biotechnology-focused PSPCs.
- Visit Insider’s Business section for more stories.
Chamath Palihapitiya’s enthusiasm for Special Purpose Acquisition Companies, or SPACs, may go even deeper than his Wall Street followers and social media followers realize.
The buzzing investor publicly backed five PSPCs for a combined total of $ 3.7 billion in 2020 through his tech investment firm, Social Goods. However, a new Wall Street Journal report found that Palihapitiya had confidentially filed seven new PSPCs with the Securities and Exchange Commission, indicating new companies to come.
While the industry and company goals for these seven PSPCs remain unknown, Palihapitiya has worked hard to bring more
SPAC
process, which works 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 his personal stake in Virgin Galactic, cashing a total of $ 211 million from 6.2 million shares, according to an SEC filing. He had started selling stocks in December, declaring on Twitter at a time when it would need cash to help finance “several new projects from 2021”.
According to the Wall Street Journal, citing sources, Palihapitiya has expressed interest in forming an additional group of biotechnology-focused PSPCs in the future.
A former Facebook executive, Palihapitiya married his tech savvy and prowess by investing to become a figurehead in the burgeoning PSPC market. He has many followers on social media platforms like Reddit and Twitter, and is a regular at CNBC.
His following became so robust that Twitch approached him to use their live streaming platform to make his business announcements, according to the Wall Street Journal. In a recent interview with Bloomberg, Palihapitiya said his social media acumen has helped him connect with a new generation of investors.
“Nobody is going to listen [Warren] Buffett, “he told Bloomberg.” Buffett doesn’t have the energy to say what he said 30 and 40 years ago in 2021. And that’s OK, he basically won the right to relax and be the GOAT, but there has to be other people taking that mantle, taking over and doing it to this younger generation as well in the language they understand. “
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