In recent months, some of the stocks of Mr. Palihapitiya’s SPACs have dropped nearly 90 percent from when they listed. By selling most of his shares early, he roughly doubled the $750 million he put in, mostly into the entities he backed. But many small investors who followed his advice may not fare so well.
Mr. Palihapitiya — once known as the “SPAC king” — said that he was promoting SPACs at a time when investors were embracing all kinds of risky trades, and that he wasn’t responsible for the cratering stock prices of the companies he took public.
Instead, he blames the Fed’s policies.
“Nobody forced anybody to invest in anything,” Mr. Palihapitiya, 46, said in an October interview.
Source: Chamath Palihapitiya, The ‘SPAC King,’ Is Over It – The New York Times