Bitcoin Billionaire Chamath Palihapitiya has now sold 15% of his stake in SoFi —the crypto and stock trading platform and personal finance company. SoFi began operations earlier this year when it entered a merger with a blank-check company led by Palihapitiya. At the time, the company was valued at $8.65 billion but has now seen its market cap rising to a whopping $17.04 billion.
Chamath Palihapitiya Reveals Reason For Selling Parts of His Stake
Taking to his Twitter page, the former senior executive at Facebook, shared the reason behind his move to sell SoFi stock in a tweet on Friday. In the post, Chamath Palihapitiya explains how himself, like many others, are trying to make sense of what’s happening in the markets in recent times. He added in his announcement, how everything including equity markets, art valuations, crypto markets, and even SaaS multiples seems to be at all-time highs.
However, Palihapitiya claims that his decision to sell 15% of his shares of SoFi was based on his interest in funding other technological investments that will shape the future, citing California-based battery materials innovator Mitra Chem.
SoFi share prices drops nearly 2% after the announcement
SoFi being a modern finance platform, offers five services: investment management, capital lending, career development, business development and consulting, and personal finance education.
According to Palihapitiya, he will also be increasing Social Capital’s investment in medicare provider Clover Health, but the amount he’ll be investing is undisclosed. Social Capital has about 74 companies under it, with Palihapitiya himself boasting of a net worth of nearly $1.1 billion, technically giving him the status of a Bitcoin billionaire.
Meanwhile, Palihapitiya has recently begun to back projects on other platforms too — including Solana.