Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs - essentially blank-check companies that are taken public, before engineering a "reverse IPO" with a private (or sometimes, another public) target. Data is a real-time snapshot *Data is delayed at least 15 minutes. Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, ... will be funded by investors in the SPAC, with Chamath Palihapitiya himself providing $100 million. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. Get this delivered to your inbox, and more info about our products and services. The major reason to merge with this particular SPAC was Palihapitiya, a former Facebook (FB) executive. Many investors and companies turn to the SPAC route for its time efficiency as well as certainty of execution. • SoFi will be valued at nearly $9 billion and the personal finance company is expected to receive up to $2.4 billion in proceeds from the deal. Chamath Palihapitiya apparently plans to be the "Alphabet King" of special purpose acquisition companies (SPACs). The financing deal is expected to be completed in the fourth quarter of 2020. Additionally, Palihapitiya and Osborne are huge champions of the recent SPAC craze that has dominated the public markets. Social Capital Hedosophia Holdings Corp VI (ticker: IPOF) Stock | 6th Chamath Palihapitiya SPAC. In April, Palihapitiya IPOed two SPACs, Social Capital Hedosophia Holdings II and Social Capital Hedosophia Holdings III . Total proceeds from SPACs have exceeded $40 billion this year, nearly tripling the levels from a year ago and on track for a record year, according to Refinitiv. Chamath Palihapitiya's IPOD, IPOE, IPOF SPACs: What Investors Should Know Chamath Palihapitiya has been one of the most well-known names in the SPAC market in 2020. As Benzinga reports, Palihapitiya has announced deals for his first three SPACs — IPOA, IPOB and IPOC — and also been a financier of several SPACs via PIPEs. Palihapitiya said last month that the SPAC boom is healthy for the overall market that is shrinking by number of stocks and is highly concentrated in megacap technology names. Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. The billionaire gained success with his first blank-check transaction that took space-tourism company Virgin Galactic public last year and has been particularly active in the SPAC world in 2020. "What we have is a business that's actually delivering the promise of technology-improving, better outcomes and lower cost health care," Palihapitiya said on CNBC's "Squawk Box" on Tuesday. Now that this business combination has been finalized, there are only three more of Palihapitiya's SPACs left. Founded in 2013, Clover sells Medicare Advantage in the U.S. and currently has more than 57,000 members across seven states. Got a confidential news tip? In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. The company, which was founded in 2004 and employs around 430 people, is receiving a $415 million private investment in public equity (PIPE) led by p rolific SPAC player Chamath Palihapitiya … Special purpose acquisition company (SPAC) Social Capital Hedosophia II (SCH) will acquire the company. The deal initially valued Clover Health at $3.7 billion, but the actual market capitalization of the company is going to be significantly higher since shares are trading at a premium of approximately 60% to the SPAC's net asset value. As an alternative to traditional IPOs, SPACs have experienced explosive growth this year amid unprecedented volatility brought on by the coronavirus pandemic. It is listed on the Nasdaq. Following Chamath (www.followingchamath.com) is a blog dedicated to follow Chamath Palihapitiya SPAC's, other investments, and general Chamath news Opendoor stock is coming via SPAC IPO. Shares of Social Capital Hedosophia Holdings III (NYSE:IPOC) were rising on Thursday. Palihapitiya previously revealed he has reserved tickers from "IPOA" through "IPOZ" on the New York Stock Exchange. SoFi is going public via a SPAC backed by billionaire investor Chamath Palihapitiya, according to an announcement made on CNBC on Thursday. About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. Cumulative Growth of a $10,000 Investment in Stock Advisor, Here's Why Clover Health's SPAC Acquirer Is Soaring on Thursday @themotleyfool #stocks $IPOC $IPOD $IPOE $IPOF, Why Clover Health's Shares Popped 61.4% in December, Why Social Capital Hedosophia Holdings III Tanked on Tuesday, Copyright, Trademark and Patent Information. "This is one of the most straightforward investments I've ever made," Palihapitiya said. The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through a Palihapitiya-led private investment in the public entity. The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. Special purpose acquisition company (SPAC) Social Capital Hedosophia II (SCH) will acquire the company. In October 2019, he took his aerospace firm Virgin Galactic public via a merger with a SPAC led by venture capitalist Chamath Palihapitiya, in an $800 million deal. Chamath Palihapitiya's SPAC Social Capital Hedosophia II will acquire Opendoor, an online marketplace for buying and selling houses. It's "a market that I think is huge and growing quickly" and a business "that is consistently taking share year over year over year.". It announced in late 2020 that it had agreed to acquire and take public Clover Health, an innovative and technology-focused Medicare Advantage insurance provider. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds$400 million of which will be provided through a Palihapitiya-led private investment in the public entity. Opendoor Announces SPAC IPO. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. On September 15, 2020, Opendoor announced it was going public through a business combination agreement. Clover Health (ticker: CLOV) began trading on Jan. 8. — Chamath Palihapitiya (@chamath) September 15, 2020 Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, were … Sign up for free newsletters and get more CNBC delivered to your inbox. Now that this business combination has been finalized, there are only three more of Palihapitiya's SPACs left. Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. All Rights Reserved. A Division of NBCUniversal. Virgin Galactic, in April, raised $720 million through a SPAC listing with Chamath Palihapitiya’s Social Capital Hedosophia Holdings. Chamath Palihapitiya’s Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… With this in mind, it is … Chamath Palihapitiya apparently plans to be the "Alphabet King" of special purpose acquisition companies (SPACs). Involvement from high-profile investors including hedge fund billionaire Bill Ackman and Oakland A's executive Billy Beane brought more hype to this vehicle. Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. Follow him on Twitter to keep up with his latest work! Chamath Palihapitiya and Social Capital Hedosophia have produced no shortage of SPAC merger news today. Palihapitiya has criticized the venture capital and hedge-fund structure, noting the intense focus on short-term results. The SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on … The special-purpose acquisition company, or SPAC, led by billionaire Chamath Palihapitiya will use funds raised in its initial public offering to buy Clover Health and take the combined entity public. He sees SPAC IPOs as a way to get startups the funding they need to compete with giants such as Google, Amazon and Apple. As of 12:30 p.m. EST, the SPAC led by notable venture capital investor Chamath Palihapitiya had risen by more than 9% after soaring by over 10% earlier in the day. We want to hear from you. Chamath Palihapitiya to take Clover Health public in another SPAC deal worth $3.7 billion Published Tue, Oct 6 2020 7:46 AM EDT Updated Tue, Oct 6 2020 11:32 AM EDT Yun Li @YunLi626 In fact, three of his blank-check companies … The major reason to merge with this particular SPAC was Palihapitiya, a former Facebook (FB) executive. Social Capital CEO Chamath Palihapitiya called Galileo the “AWS of fintech.” The deal values the company at an equity value of $8.65 billion. The two SPACs aptly have the ticker … © 2021 CNBC LLC. The SPAC's warrants will trade under the new ticker symbol CLOVW. SoFi is going public via a merger with a SPAC backed by billionaire investor Chamath Palihapitiya.. Palihapitiya made the announcement on CNBC on Thursday, and Reuters first reported talks of the deal this morning, citing sources familiar with the matter.. SoFi will utilize Palihapitiya's Social Capital Hedosophia Holdings Corp V to go public.Social Capital Hedosophia Holdings Corp V traded … Shares of Chamath Palihapitiya-backed Desktop Metal slipped as much as 14% on Thursday after the 3D printing company went public via SPAC. Returns as of 01/21/2021. In fact, three of his blank-check companies … Palihapitiya tweeted that Desktop Metal is a "really important company in fighting climate change." One example of this speculation is TPG Pace Beneficial Finance SPAC (Ticker: TPGY), which, after announcing its acquisition of EVBox, opened up 245% the next trading day. Chamath Palihapitiya on why he's taking Clover Health public through a SPAC, Social Capital Hedosophia Holdings Corp. III. Chamath Palihapitiya has found his next SPAC target — Clover Health, a Medicare insurance start-up backed by Alphabet. Social Capital Hedosophia Holdings III is a special purpose acquisition company, or SPAC. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … Global Business and Financial News, Stock Quotes, and Market Data and Analysis. About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. A SPAC is formed to raise funds to finance a merger or acquisition typically within two years. On Thursday, both companies announced that their business combination had been approved by shareholders of the so-called "blank check" company, and the deal had been closed. Opendoor Announces SPAC IPO. Stock Advisor launched in February of 2002. Social Capital Hedosophia Holdings V (NYSE:IPOE) raised $700 million and recently announced an agreement to take fintech lender SoFi public. Chamath Palihapitiya has been one of the most well-known names in the SPAC market in 2020. Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. Following Chamath (www.followingchamath.com) is a blog dedicated to follow Chamath Palihapitiya SPAC's, other investments, and general Chamath news What Happened: On Monday, the Ark Next Generation Internet ETF (NYSE: ARKW) took a small stake in Social Capital Hedosophia II (NYSE: IPOB), a SPAC led by Chamath Palihapitiya. IPOF is the biggest SPAC from Chamath Palihapitiya IPOF, which raised $1 billion in 2020, is Palihapitiya's biggest SPAC. Social Capital Hedosophia Holdings IV (NYSE:IPOD) and Social Capital Hedosophia Holdings VI (NYSE:IPOF) raised $400 million and $1 billion, respectively, in 2020 IPOs and are still looking for acquisition targets. Chamath Palihapitiya and Social Capital Hedosophia have produced no shortage of SPAC merger news today. Clover Health (ticker: CLOV) began trading on Jan. 8. Companies can also skip the roadshow process and avoid some of the scrutiny that goes with a traditional IPO. The SPAC's warrants will trade under the new ticker symbol CLOVW. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… He added by 2023 the company will have overall profitability. Matt specializes in writing about bank stocks, REITs, and personal finance, but he loves any investment at the right price. Market data powered by FactSet and Web Financial Group. The combined company will be renamed Clover Health Investments, and will begin trading under its new symbol, CLOV, on the Nasdaq beginning on Friday, Jan. 8. DiamondPeak is changing its name to Lordstown Motors and changing its ticker to RIDE. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … On September 15, 2020, Opendoor announced it was going public through a business combination agreement. Opendoor stock is coming via SPAC IPO. Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. The deal values Opendoor at $4.8 billion. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. All three are targeting the technology market. He has six Social Capital Hedosophia SPACs to date with his newest having a value of $1 billion. Palihapitiya tweeted that Desktop Metal is … Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Palihapitiya said he’s reserved the ticker symbols IPOA through IPOZ. The deal will provide "significant capital" for the company to "scale and improve health outcomes for seniors across the United States," the company said in a statement on Tuesday. Online personal-finance company SoFi is going public in a $8.65 billion deal with Social Capital Hedosophia Holdings V, the latest blank-check company from venture capitalist Chamath Palihapitiya. The target firm will be taken public through the acquisition. Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. What’s Next For Palihapitiya: Palihapitiya has previously said he plans on bringing SPACs to market with the ticker symbols "IPOA" to "IPOZ." Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. 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