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Tag: Chamath

Social Capital SPAC led by billionaire Chamath Palihapitiya will merge with Clover Health in $3.7 billion deal

October 6, 2020
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| business



Chamath Palihapitiya wearing a suit and tie: Mike Windle/Getty Images for Vanity Fair


© Mike Windle/Getty Images for Vanity Fair
Mike Windle/Getty Images for Vanity Fair

  • Social Capital Hedosophia Holdings Corp. III will merge with Medicare insurer Clover Health in a deal valuing the latter firm at $3.7 billion, according to a Tuesday press release.
  • 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 healthcare company “will build large market adoption and shareholder returns” by lowering patient costs and improving overall care, Palihapitiya said in his investment thesis.
  • Shares of the SPAC gained as much as 4% in early Tuesday trading.
  • Visit the Business Insider homepage for more stories.

The blank-check company led by billionaire investor Chamath Palihapitiya plans to merge with Medicare insurer Clover Health and take the combined entity public.

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Social Capital Hedosophia Holdings Corp. III

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Chamath Palihapitiya rips airlines again and calls for more money to consumers and small businesses

September 30, 2020
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| money

Chamath Palihapitiya

Olivia Michael | CNBC

If the government approves further stimulus funds, they should go to individual consumers and small businesses, venture capitalist Chamath Palihapitiya said Wednesday.

In a searing diatribe against the troubled sector, the CEO of Social Capital expanded on comments he made earlier in the year to CNBC in which he said airlines should not be bailed out because they are so poorly managed.

Palihapitiya said that before the coronavirus pandemic, the companies already were doing “the most absolutely horrid and idiotic form of capital allocation you could imagine.”

“Not a single extra dollar should go to these companies,” he added.

Among the poor decisions he cited were not investing in research and development, saving or putting more resources into their workforces. Instead, they focused cash on share repurchases and inflating stock prices.

“This has been happening for the last 15 or 20 years,” Palihapitiya said

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