Bitcoin billionaire Palihapitiya will be using his earnings to fund other investments in technologies that will shape our future.
Palihapitiya sold 15% of his position in the crypto and stock trading platform and finance company, SoFi.
Earlier this year, the company became famous after a merger with a blank-check company that was led by Palihapitiya. Currently, the company has a market cap of about $17.04 billion from $8.65 billion, which is a bullish trend.
On Nov. 19, a billionaire and a former senior executive at Facebook, Palihatiya via a tweet confirmed his move to sell SoFi stock.
1/ 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: pic.twitter.com/Z4yA7sS3N6
— Chamath Palihapitiya (@chamath) November 18, 2021
In his announcement, he stated “Equity markets, crypto markets, art valuations, SaaS multiples — almost everything seems to be at all-time highs,” as he went on to explain some of the moves his investment firm Social Capital has made.
In Palihatiya announcement, he stated: “Equity markets, crypto markets, art valuations, SaaS multiples — almost everything seems to be at all-time highs,”
Palihapitiya explained some of the moves his investment firm's social capital is making. He mentioned California-based battery material innovator Mitra chem as one of the technologies that will shape the future.
After the announcement, SoFi share prices fell nearly 2%.
SoFi, a modern finance platform, consists of five sections that is investment management, career development, personal finance education, capital lending, and business development and consulting.
Palihapitiya said that he intends to increase social capital investment in Medicare provider clover health, however, he did not say by how much.
Palihapitiya has a net worth of about $1.1 billion with a Social Capital portfolio consisting of 74 companies, making him a bitcoin billionaire. Recently he has also invested in other projects on platforms like Solana.