SPACs are going to rule the world, or no less than, Chamath’s future portfolio.
Chamath Palihapitiya, the founding father of Social Capital, has already tripled down on SPACs, the so-called “clean examine” car that takes non-public firms and flips them onto the general public markets. His first SPAC purchased Virgin Galactic final yr, and his second SPAC bought Opendoor this week in a blockbuster deal valuing the moment dwelling sale platform at $4.eight billion much less money. His third SPAC formally fundraised in April, and has but to announce a deal.
Now, it seems like he’s going to double down on his triple down. After the bell rung on Wall Road this Friday, the enterprise capitalist filed three new SPAC autos with the SEC. Social Capital Hedosophia Holdings Corp. IV has a headline worth of $350 million, Social Capital Hedosophia Holdings Corp. V has a headline worth of $650 million and Social Capital Hedosophia Holdings Corp. VI has a headline worth of $1 billion.
These headline values are targets: every SPAC might want to undergo an investor roadshow course of and formally increase capital earlier than they’ll start looking for an acquisition goal. Every SPAC is impartial, and will share buyers or have completely impartial buyers across the desk.
The three new SPACs share comparable managers: Palihapitiya himself; Ian Osborne, who manages Hedosophia; Steven Trieu, the CFO of Social Capital; and Simon Williams, the chief administration officer of Hedosophia.
Nevertheless, every has a special fifth director who maybe sheds some mild on how every SPAC differs in technique. Nirav Tolia, a co-founder and CEO of widespread social community Nextdoor, is becoming a member of the fourth SPAC. Jay Parikh, a former head of engineering at Fb who left earlier this year, is becoming a member of the fifth SPAC. And at last, Dick Costolo, the previous CEO of Twitter and present enterprise capitalist, is becoming a member of the sixth SPAC.
We’ve been speaking concerning the accelerating tempo of SPACs this yr, and that seems in microcosm right here round these Social Capital autos. It appears as if Palihapitiya and Hedosophia not solely have nice ambitions for these autos, however are more and more mechanizing the method of fundraising them and making the most of markets that appear excited for any avenue towards progress.
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