Chamath Palihapitiya sells 15% of his stake in SoFi


Billionaire Chamat Palihapitiya sold 15% of his position in the cryptocurrency exchange, the stock and financial company SoFi.

The company was listed earlier this year through a merger with a company with check letterhead, led by Palihapitiya. It was originally valued at $ 8.65 billion and now has a market value of $ 17.04 billion.

Palihapitiya, a Bitcoin (BTC) billionaire and former Facebook boss, confirmed his move to sell SoFi shares on Twitter on Friday.

“Stock markets, cryptocurrencies, art valuations, SaaS multipliers – it looks like pretty much everything has reached an all-time high,” he said in a statement, explaining some of the steps his investment firm Social Capital took.

Palihapitiya said he sold a 15% stake in SoFi “to fund further investment in technology that will shape our future,” citing California-based battery-innovator Mitra Chem.

SoFi’s share price fell about 2% after the announcement.

SoFi is a state-of-the-art financial platform with five divisions: Capital Lending, Investment Management, Business Development and Consulting, Career Development and Personal Financial Education.

Palihapitiya also indicated that it intends to increase social capital investment in Medicare provider Clover Health, but did not say how much.

About the topic: Panic selling is the biggest mistake crypto investors make, according to a new survey.

Social Capital’s portfolio consists of 74 companies, and Palihapitiya itself is worth around $ 1.1 billion, which technically makes him a Bitcoin billionaire as he has long regarded Bitcoin as a safe investment.

Palihapitiya recently began supporting projects on other platforms such as Solana.



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