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After raising $3.7 billion for 5 SPACs in 2020, investor Chamath Palihapitiya has reportedly confidentially filed for 7 more with the SEC

After raising $3.7 billion for 5 SPACs in 2020, investor Chamath Palihapitiya has reportedly confidentially filed for 7 more with the SEC

Investor Chamath Palihapitiya.
Mike Windle/Getty Images




Chamath Palihapitiya confidentially filed seven new SPACs with the SEC, according to the Wall Street Journal.




The buzzy investor publicly backed five SPACs at a combined total of $3.7 billion in 2020.




Palihapitiya has expressed interest in forming an additional group of biotech-focused SPACs.




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Chamath Palihapitiya's enthusiasm for special purpose acquisition companies, or SPACs, may run even deeper than his Wall Street disciples and social media followers realize. The buzzy investor publicly backed five SPACs at a combined total of $3.7 billion in 2020 through his technology investing firm, Social Goods. However, a new report from the Wall Street Journal found that Palihapitiya confidentially filed for seven new SPACs with the Securities and Exchange Commission, pointing to new ventures to come. Though the industry and company targets for these seven SPACs remain unknown, Palihapitiya has been hard at work bringing others public through the SPAC process, which functions differently from a traditional initial public offering. His recent contributions include Virgin Galactic Holdings, Opendoor Technologies, Clover Health Investments, and SoFi. Earlier this week, Palihapitiya sold his personal stake in Virgin Galactic, cashing out a total of $211 million from 6.2 million shares, according to an SEC filing. He had begun selling shares in December, stating on Twitter at the time that he would need cash to help fund "several new projects starting in 2021."
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