Chamath Palihapitiya pushed the limits of the blank-check boom. Now he’s marking its end. TheRealLSL explains.
Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid/File Photo/File PhotoNEW YORK, Sept 20 - Chamath Palihapitiya pushed the limits of the blank-check boom. Now he’s marking its end. The investor who personified the frenzy in special-purpose acquisition companies announced on Tuesday he’s winding downafter failing to come up with a deal.
The extravaganza had all the hallmarks of a market working as it shouldn't. SPACs encouraged investors to buy shares in shell companies and then approve deals with little oversight of what they bought, or at what price. Misaligned incentives allowed managers like Palihapitiya to line their pockets.
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