- Chamath Palihapitiya, the former Facebook senior executive, sold 15% of his stake in SoFi Technology.
- The company’s net worth skyrocketed from $8.6 billion to $17.04 billion this year.
- SoFi’s share prices fell by 2% shortly after Chamath’s Twitter announcement.
Billionaire Chamath Palihapitiya sells 15% of the total stocks of his finance company SoFi, an American online personal finance company that deals with student loans, personal loans, home loans, etc.
Chamath Palihapitiya is a Sri Lankan-Canadian venture capitalist, engineer, SPAC sponsor, CEO & Founder of Social Capital. In the years between 2007 and 2011, Palihapitiya worked for Facebook as a senior executive.
He has a net worth of $1 Billion, which makes him one of the youngest billionaires. The fact that he holds this position is only a testament to his tendency to venture into businesses where he foresees abundant monetary growth. Recently, he has been backing projects on multiple platforms like Solana.
Earlier this year, SoFi went public after associating with a blank-check company led by Palihapitiya. The value of the company jumped from $8.65 billion to $17.04 billion.
Palihapitiya, who most people know due to this career in Facebook, confirmed this news via Twitter.
Concerns Over High Inflation
Palihapitiya raised subtle concern over the all-time high inflation in the US market. He wrote, “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.” He went on to talk about how Equity markets, crypto markets, art valuations, and SaaS are at their highest at the moment.
Palihapitiya admits that the reason behind selling his 15% shares to SoFi is to fund other technologies in business that will shape the future. However, shortly after his announcement, the SoFi share prices fell by 2%.
Although he did not give a number, Palihapitiya also hinted that he would increase social capital’s investment in medicare provider clover health.