Bitcoin Billionaire Chamath Palihapitiya sells 15% of stakes in SOFI
Chamath Palihapitiya, the Bitcoin billionaire, has reportedly sold 15 per cent of his position in the crypto and stock trading and finance platform, SoFi. The company had earlier gone public in this year’s beginning through a merger with a blank-check company led by Palihapitiya, valuing originally at $8.65 billion. Now, it has registered a market cap of $17.04 billion. Palihapitiya is a Bitcoin billionaire and a former senior executive at Facebook. He has recently confirmed this move through a Twitter post on November 19 that he is selling SoFi stock.
In the tweet announcement, he has stated that equity markets, crypto markets, art valuations, SaaS multiples, “everything seems to be at all-time highs.” He then went on explaining some of the moves regarding the investment firm Social Capital has made till now. Palihapitiya said that he had sold 15 per cent of his shares of SoFi for funding other investments in technologies that would shape the future, citing one of these names as California’s battery materials innovator Mitra Chem.
SoFi share prices had fallen nearly 2 per cent after the announcement. SoFi is a modern finance platform consisting of five sections that include capital lending, business development and consulting, investment management, personal finance education and career development.
Palihapitiya has also noted that he is planning of increasing Social Capital’s investment in medicare provider Clover Health. However, has not yet mentioned by how much per cent. Social Capital’s portfolio presently consists of 74 companies, and Palihapitiya himself has a net worth of about $1.1 billion. This technically makes him a Bitcoin billionaire as he has been witnessing Bitcoin as a sound investment for a considerably longer time. More recently, Palihapitiya has also initiated his efforts towards backing projects on other platforms like Solana.