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 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. The SPAC's warrants will trade under the new ticker symbol CLOVW. • 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 and Social Capital Hedosophia have produced no shortage of SPAC merger news today. Opendoor Announces SPAC IPO. In fact, three of his blank-check companies … Companies can also skip the roadshow process and avoid some of the scrutiny that goes with a traditional IPO. All Rights Reserved. About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. The SPAC's warrants will trade under the new ticker symbol CLOVW. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … 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. Involvement from high-profile investors including hedge fund billionaire Bill Ackman and Oakland A's executive Billy Beane brought more hype to this vehicle. Read more. The major reason to merge with this particular SPAC was Palihapitiya, a former Facebook (FB) executive. 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. 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. The two SPACs aptly have the ticker … In fact, three of his blank-check companies … DiamondPeak is changing its name to Lordstown Motors and changing its ticker to RIDE. 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. Chamath Palihapitiya's SPAC Social Capital Hedosophia II will acquire Opendoor, an online marketplace for buying and selling houses. Chamath Palihapitiya apparently plans to be the "Alphabet King" of special purpose acquisition companies (SPACs). 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. Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. SoFi is going public via a SPAC backed by billionaire investor Chamath Palihapitiya, according to an announcement made on CNBC on Thursday. Clover Health (ticker: CLOV) began trading on Jan. 8. 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.". Virgin Galactic, in April, raised $720 million through a SPAC listing with Chamath Palihapitiya’s Social Capital Hedosophia Holdings. About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. The SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on … The deal values Opendoor at $4.8 billion. Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. Now that this business combination has been finalized, there are only three more of Palihapitiya's SPACs left. 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. He has six Social Capital Hedosophia SPACs to date with his newest having a value of $1 billion. Now that this business combination has been finalized, there are only three more of Palihapitiya's SPACs left. 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. Chamath Palihapitiya and Social Capital Hedosophia have produced no shortage of SPAC merger news today. Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. Follow him on Twitter to keep up with his latest work! Many investors and companies turn to the SPAC route for its time efficiency as well as certainty of execution. Palihapitiya has criticized the venture capital and hedge-fund structure, noting the intense focus on short-term results. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… Shares of Chamath Palihapitiya-backed Desktop Metal slipped as much as 14% on Thursday after the 3D printing company went public via SPAC. 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. Opendoor Announces SPAC IPO. Chamath Palihapitiya has found his next SPAC target — Clover Health, a Medicare insurance start-up backed by Alphabet. Founded in 2013, Clover sells Medicare Advantage in the U.S. and currently has more than 57,000 members across seven states. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. Palihapitiya said he’s reserved the ticker symbols IPOA through IPOZ. He sees SPAC IPOs as a way to get startups the funding they need to compete with giants such as Google, Amazon and Apple. Chamath Palihapitiya on why he's taking Clover Health public through a SPAC, Social Capital Hedosophia Holdings Corp. III. Shares of Social Capital Hedosophia Holdings III (NYSE:IPOC) were rising on Thursday. 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. The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. As an alternative to traditional IPOs, SPACs have experienced explosive growth this year amid unprecedented volatility brought on by the coronavirus pandemic. Palihapitiya previously revealed he has reserved tickers from "IPOA" through "IPOZ" on the New York Stock Exchange. 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. — Chamath Palihapitiya (@chamath) September 15, 2020 Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, were … Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. 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. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. In April, Palihapitiya IPOed two SPACs, Social Capital Hedosophia Holdings II and Social Capital Hedosophia Holdings III . Get this delivered to your inbox, and more info about our products and services. Got a confidential news tip? Palihapitiya tweeted that Desktop Metal is … We want to hear from you. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … Palihapitiya tweeted that Desktop Metal is a "really important company in fighting climate change." The financing deal is expected to be completed in the fourth quarter of 2020. 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. 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. Special purpose acquisition company (SPAC) Social Capital Hedosophia II (SCH) will acquire the company. 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 … unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. Opendoor stock is coming via SPAC IPO. 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