Once touted as the SPAC King, Chamath Palihapitiya used blank check companies to take several private companies public. But as the SPAC craze dies out, the billionaire venture capitalist is now distancing himself from those particular investment vehicles. See Also: Trump's Deadbeat SPAC Switches To P.O. Box What Happened: According to a new filing, Palihapitiya currently holds less than 5% of shares in Clover Health Investments (NASDAQ:CLOV). From Sept. 27 to Oct. 3, he sold more than 11 million shares of Clover Health ranging in price of $1.55 to $2.02 per share. After the exit, Palihapitiya now owns some 19 million shares, or 4.99% of the company. The reporting person on the filing w

Known by many as the SPAC King, Chamath Palihapitiya was one of the biggest names associated with the growing number of blank check companies taking private companies public. When SPACs were hot with the market, Palihapitiya was loved by investors and companies. Years later, Palihapitiya has been less active in SPACs. An announcement Tuesday could see Palihapitiya face more criticism and continue to put a negative spotlight on SPACs. What Happened: Chamath Palihapitiya announced Tuesday that two SPACs he launched are liquidating. “Over the past two years, we evaluated more than 100 targets and while we came close to doing a deal several times, we ultimately walked away each time for a cou

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Chamath Palihapitiya was one of the biggest names in the SPAC market in 2021 and when times were good for new companies going public, Palihapitiya had some of the best-performing deals of that year. The year 2022 has not been as kind to Palihapitiya with re-valuations on many of the companies that went public by investors seeing shares below the former $10 price point of the SPACs. Here’s an updated look at the performance of the SPAC deals, remaining SPACs and PIPE deals that included Palihapitiya, with returns calculated on the $10 offering price and not factoring in warrants. The Palihapitiya SPACs: Virgin Galactic Holdings Inc (NYSE:SPCE): Space travel Price: $6.88 Return: -31.2% Op

Retail investors love a good story for stocks, as well as love the opportunity to get into some potential growth stories on the ground floor. SPACs were one of the hottest stories in 2020 and 2021 but have fallen out of favor with many companies trading well below the $10 price after mergers have been completed. Could a SPAC deal involving two of the biggest names bring life back to SPACs and how many coincidences do there have to be before it's considered research? What Happened: During the height of SPACs, something often done by retail traders was connecting the dots between potential acquisition targets. This included seeing connections between board members, investments by the sponsor

The 2022 year has started quietly for SPACs, with no deals announced in the first five trading days of the year. Although two new SPAC rumors have popped up since the market closed on Friday and both involve a well-known name in the SPAC space. Akili Interactive: A company that specializes in technology-based cognitive therapies could be the first SPAC deal of the year, according to a rumor reported by Bloomberg. Social Capital Suvretta Holdings Corp 1 (NASDAQ:DNAA) is nearing a deal with Akili Interactive that could value the prescription digital medicine company at $800 million. Akili offers digital therapeutics using “captivating action video-game experiences.” Digital therapeutics have

One of the biggest words for investors in 2021 was SPACs. While special purpose acquisition companies have been around for years, 2021 became the year that they took over the market in terms of IPOs and as a topic of conversation. There were over 600 new SPACs that went public in 2021 and over 150 deals that were announced last year. Here’s a look at what could be ahead for SPACs in 2022 from two well respected names in the SPAC coverage sector. The SPAC Experts: Benzinga talked 2021 SPAC deals and news items with Julian Klymochko, founder and CEO of Accelerate, and Nick Gershenhorn from SpacTrack.IO, a leading SPAC data and insights website. SPAC Offerings: Despite over 600 new SPAC offe