Chamath Palihapitiya Sold One-Fifth of SOFI Shares. “Future-changing innovations” for Palihapitiya’s venture business will be funded by the sale of the cryptocurrency. This week, billionaire entrepreneur Chamath Palihapitika sold 15 percent of his stake in the cryptocurrency and stock trading site SoFi.
One-fifth of SOFI Shares Being Sold by Chamath Palihapitiya
After a merger with a blank-check firm founded by Palihapitiya, the company was valued at $8.65 billion and currently has a market capitalization of $17.04 billion. In a tweet on November 19, Palihapitiya, a Bitcoin millionaire and former Facebook executive, stated that he had decided to sell his shares in SoFi.
Impact of the news on company’s growth
Following the news, SoFi stock prices plummeted roughly 2 percent. Financial platform SoFi has five sections: capital loan, investment management, company growth, and consultancy in addition to personal finance education. Clover Health was also mentioned by Palihapitiya, although he did not say how much Social Capital would expand its stake in the company. For Palihapitiya, 74 firms are in Social Capital’s portfolio, which makes him a “Bitcoin Billionaire” since he has long considered Bitcoin a smart investment. Palihapitiya has recently begun sponsoring work on other platforms, like Solana.
Source: https://www.cryptoknowmics.com/news/chamath-palihapitiya-sold-one-fifth-of-sofi-shares/
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