Chamath Palihapitiya-Tied SPACs, De-SPACs Are in Freefall

Chamath Palihapitiya, co-founder and chief executive officer of Social+Capital Partnership LLC, speaks during a Bloomberg Technology television interview at the Vanity Fair New Establishment Summit in San Francisco, California, U.S., on Wednesday, Oct. 19, 2016. The annual summit brings together leaders of technology, politics, business, media, and the arts for inspiring conversations on the issues and innovations shaping the future. , Bloomberg

Bailey Lipschultz, Bloomberg News

Feb 18, 2022

Share

(Bloomberg) -- Blank-check firms and companies that have been taken public through mergers with those backed by serial dealmaker Chamath Palihapitiya are sinking as investors shun the vehicles. A group of 10 stocks sponsored by the “SPAC King,” who once compared himself to Warren Buffett, has lost more than 40% of its value from late June. The basket fell 1.5% on Friday, dragged lower by a drop in Virgin Galactic Holdings Inc. after Palihapitiya abruptly stepped down as chairman of the space-tourism company.

©2022 Bloomberg L.P.