Market data powered by FactSet and Web Financial Group. 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. In fact, three of his blank-check companies … © 2021 CNBC LLC. 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. 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 two SPACs aptly have the ticker … About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. 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 … 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 … The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. On September 15, 2020, Opendoor announced it was going public through a business combination agreement. 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. On September 15, 2020, Opendoor announced it was going public through a business combination agreement. 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. 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. Social Capital Hedosophia Holdings Corp VI (ticker: IPOF) Stock | 6th Chamath Palihapitiya SPAC. Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. Clover Health (ticker: CLOV) began trading on 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. Chamath Palihapitiya and Social Capital Hedosophia have produced no shortage of SPAC merger news today. Clover Health (ticker: CLOV) began trading on Jan. 8. About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. 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 financing deal is expected to be completed in the fourth quarter of 2020. Social Capital Hedosophia Holdings III is a special purpose acquisition company, or SPAC. 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. Many investors and companies turn to the SPAC route for its time efficiency as well as certainty of execution. The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. 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. Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. 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 SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on … As an alternative to traditional IPOs, SPACs have experienced explosive growth this year amid unprecedented volatility brought on by the coronavirus pandemic. Special purpose acquisition company (SPAC) Social Capital Hedosophia II (SCH) will acquire the company. 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 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. All Rights Reserved. IPOF is the biggest SPAC from Chamath Palihapitiya IPOF, which raised $1 billion in 2020, is Palihapitiya's biggest SPAC. Matt specializes in writing about bank stocks, REITs, and personal finance, but he loves any investment at the right price. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… A SPAC is formed to raise funds to finance a merger or acquisition typically within two years. Palihapitiya has criticized the venture capital and hedge-fund structure, noting the intense focus on short-term results. 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. In fact, three of his blank-check companies … 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. Companies can also skip the roadshow process and avoid some of the scrutiny that goes with a traditional IPO. Chamath Palihapitiya on why he's taking Clover Health public through a SPAC, Social Capital Hedosophia Holdings Corp. III. Palihapitiya tweeted that Desktop Metal is a "really important company in fighting climate change." What’s Next For Palihapitiya: Palihapitiya has previously said he plans on bringing SPACs to market with the ticker symbols "IPOA" to "IPOZ." Following Chamath (www.followingchamath.com) is a blog dedicated to follow Chamath Palihapitiya SPAC's, other investments, and general Chamath news 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. The major reason to merge with this particular SPAC was Palihapitiya, a former Facebook (FB) executive. The SPAC's warrants will trade under the new ticker symbol CLOVW. 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. 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. unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. Palihapitiya tweeted that Desktop Metal is … Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. 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.". A Division of NBCUniversal. Opendoor stock is coming via SPAC IPO. Chamath Palihapitiya has been one of the most well-known names in the SPAC market in 2020. 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. "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. The target firm will be taken public through the acquisition. Opendoor Announces SPAC IPO. Opendoor Announces SPAC IPO. 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. DiamondPeak is changing its name to Lordstown Motors and changing its ticker to RIDE. The deal values Opendoor at $4.8 billion. He has six Social Capital Hedosophia SPACs to date with his newest having a value of $1 billion. The major reason to merge with this particular SPAC was Palihapitiya, a former Facebook (FB) executive. 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. Founded in 2013, Clover sells Medicare Advantage in the U.S. and currently has more than 57,000 members across seven states. All three are targeting the technology market. Additionally, Palihapitiya and Osborne are huge champions of the recent SPAC craze that has dominated the public markets. 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. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. — Chamath Palihapitiya (@chamath) September 15, 2020 Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, were … Social Capital Hedosophia Holdings V (NYSE:IPOE) raised $700 million and recently announced an agreement to take fintech lender SoFi public. 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. Shares of Social Capital Hedosophia Holdings III (NYSE:IPOC) were rising on Thursday. He added by 2023 the company will have overall profitability. Get this delivered to your inbox, and more info about our products and services. Returns as of 01/21/2021. We want to hear from you. Shares of Chamath Palihapitiya-backed Desktop Metal slipped as much as 14% on Thursday after the 3D printing company went public via SPAC. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. "This is one of the most straightforward investments I've ever made," Palihapitiya said. Opendoor stock is coming via SPAC IPO. 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 Got a confidential news tip? With this in mind, it is … 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. 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. 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. Following Chamath (www.followingchamath.com) is a blog dedicated to follow Chamath Palihapitiya SPAC's, other investments, and general Chamath news In April, Palihapitiya IPOed two SPACs, Social Capital Hedosophia Holdings II and Social Capital Hedosophia Holdings III . 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. 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. He sees SPAC IPOs as a way to get startups the funding they need to compete with giants such as Google, Amazon and Apple. Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. Stock Advisor launched in February of 2002. Chamath Palihapitiya apparently plans to be the "Alphabet King" of special purpose acquisition companies (SPACs). Chamath Palihapitiya and Social Capital Hedosophia have produced no shortage of SPAC merger news today. Social Capital CEO Chamath Palihapitiya called Galileo the “AWS of fintech.” The deal values the company at an equity value of $8.65 billion. Palihapitiya said he’s reserved the ticker symbols IPOA through IPOZ. SoFi is going public via a SPAC backed by billionaire investor Chamath Palihapitiya, according to an announcement made on CNBC on Thursday. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. 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