Bitcoin (BTC) billionaire Chamath Palihapitiya has announced that he will sell 15% of his stake in San Francisco-based cryptocurrency and stock trading platform SoFi. Palihapitiya, who is also the founder and CEO of VC fund Social Capital Partnership, says the sale was made to “build up some cash reserves and fund several new investments.” Following the announcement, SoFi Technologies Inc. Long-term trading in stocks fell on Thursday. Details cryptocoin.com‘in.
Bitcoin billionaire sells SoFi shares
Chamath Palihapitiya confirmed in his November 19 post that he will sell his SoFi shares. He also said that among those investments, in a letter posted on Twitter, he expects to increase his stake in Clover Health Investments Corp. It is known that Palihapitiya’s firm holds 85% of its original stake in SoFi. After announcing the sale, SoFi shares fell by 1.6%. San Francisco-based SoFi made its Nasdaq debut this year after merging with Palihapitiya’s clear check company.
Bitcoin billionaire Chamath Palihapitiya tweeted on November 19 that:
1/ Many of us are trying to make sense of what is going on in the markets these days. Here are some of our recent observations and moves to continue our work:
Second thread of tweet:
2/ This week we sold 15% of our SOFI position to finance recent investments in technologies like Mitra Chem that will shape our future. We are proud to support SOFI and still hold 85% of our original stake.
Recall SoFi (SOFI) first began trading on June 1 after Chamath closed its gap-filling deal with SPAC Social Capital Hedosophia Holdings V. In June, SoFi offered small investors IPO shares of some of Chamath’s SPACs. After the sale, SoFi stock recorded the following chart.
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