Billionaire Chamath Palihapitiya sold his 15% stake in the crypto and stock trading platform, financial technology company SoFi (SOFI-US), and said that the two smartest entrepreneurs of this generation “are taking the bargaining chips,” which helped him The decision to sell shares.
Palihapitiya has gained fame in the past two years for actively betting on special purpose acquisition companies (SPAC), earning him the title of “King of SPACs”. According to “Forbes” estimates, he has become a celebrity among retail investors and is now worth $1.1 billion.
SoFi was listed on Nasdaq after he merged with a SPAC company. The initial valuation was US$8.65 billion, after which the market value has risen to US$17.04 billion.
Palihapitiya tweeted to confirm the news of his stock sale. He mentioned in podcasts and tweets that he believes strong inflation will continue, prompting him to reconsider his investment.
He believes that because big companies such as Amazon and McDonald’s are raising wages significantly, this will force other industries to pay more and allow high inflation to continue. At this moment, almost every asset such as the stock market, the Canadian currency market, art prices, and SaaS valuations is hitting highs, while the authorities are printing more money than ever before and talking about stimulus plans.
His ideas seem to be influenced by Tesla (TSLA-US) CEO Elon Musk and Amazon (AMZN-US) founder Jeff Bezos, who have sold dozens of them in recent weeks Billion dollars in stocks.
He said: “There are two entrepreneurs who I think are the smartest capital allocators of our generation. They are taking away the chips.”
Palihapitiya said that he could accumulate some cash reserves to fund other technology investments that “will shape our future,” and mentioned Mitra Chem, a California-based battery material innovator.
SoFi is a modern financial platform composed of five sectors: fund lending, investment management, business development and consulting, career development, and personal financial education.
