Billionaire seen as one of the biggest entrepreneurs in the USA Chamath Palihapitiya, announced that it will sell 15% of its stake in cryptocurrency and stock trading platform SoFi. The company went public last year with the direct support of Palihapitiya, reaching a valuation of $9.65 billion to $17 billion.
SoFi Sells Its Shares
Bitcoin billionaire Palihapitiya announced on November 19 that he will officially sell his SoFi shares. The famous billionaire emphasized that he thinks that everything in the stock and crypto money markets is at an all-time high for now, and stated that this is the reason why he sold a part of his investment in Social Capital.
1/ Many of us are trying to make sense of what’s happening in the markets these days. Here are some observations and moves we’ve recently made to continue our work: pic.twitter.com/Z4yA7sS3N6
— Chamath Palihapitiya (@chamath) November 18, 2021
Stating that he sold 15% of SoFi’s shares to invest in other technology startups, Palihapitiya did not explain exactly what he would invest in. However, the SoFi stock price fell 3% instantly.
So what does it mean when the famous Bitcoin billionaire sells his investment in a leading tech app? In fact, considering the correlation in the crypto money sector and stock markets, this is likely to be interpreted as a decline that will affect both the stock market and the crypto industry in the near future.
Palihapitiya may have tried to reduce the fear of a decline by stating that he will make a new investment despite this. This situation is also alarming for the crypto money industry.
*Not Investment Advice.