Chamath Palihapitiya responds to criticism of poor SPAC performance.
Chamath Palihapitiya is the poster-child for the SPAC, or special purpose acquisition company, phase that was a passing fad on Wall Street in 2020 and 2021.
Palihapitiya was dubbed the SPAC king, for the voluminous deals the high-profile media personality brought to market. He did quite well, personally — roughly doubling the $750 million he put in, according to New York Times calculations. And his seed money, for Virgin Galactic SPCE, -1.43% and Clover Health CLOV, , was in part borrowed from the fallen Credit Suisse, the Financial Times reported, citing public filing.
None of this is new, but somehow in response to one of his comments about the markets there was a discussion of his performance. Here’s a good recap, the highlights being him telling investors to “stop being a victim” and saying, “I’m in the arena trying stuff.”
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'I'm in the arena.' Chamath Palihapitiya responds to critics of poor SPAC performance.Chamath Palihapitiya responds to criticism of poor SPAC performance.
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