Clover Health (ticker: CLOV) began trading on Jan. 8. Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. The billionaire gained success with his first blank-check transaction that took space-tourism company Virgin Galactic public last year and has been particularly active in the SPAC world in 2020. Founded in 2013, Clover sells Medicare Advantage in the U.S. and currently has more than 57,000 members across seven states. As of 12:30 p.m. EST, the SPAC led by notable venture capital investor Chamath Palihapitiya had risen by more than 9% after soaring by over 10% earlier in the day. As an alternative to traditional IPOs, SPACs have experienced explosive growth this year amid unprecedented volatility brought on by the coronavirus pandemic. The SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on … The target firm will be taken public through the acquisition. On September 15, 2020, Opendoor announced it was going public through a business combination agreement. Chamath Palihapitiya's SPAC Social Capital Hedosophia II will acquire Opendoor, an online marketplace for buying and selling houses. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. Backers include Chamath Palihapitiya, Daimler Trucks, and BlackRock. Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. "This is one of the most straightforward investments I've ever made," Palihapitiya said. Returns as of 01/21/2021. The deal will provide "significant capital" for the company to "scale and improve health outcomes for seniors across the United States," the company said in a statement on Tuesday. Chamath Palihapitiya apparently plans to be the "Alphabet King" of special purpose acquisition companies (SPACs). Chamath Palihapitiya and Social Capital Hedosophia have produced no shortage of SPAC merger news today. In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. It announced in late 2020 that it had agreed to acquire and take public Clover Health, an innovative and technology-focused Medicare Advantage insurance provider. As Benzinga reports, Palihapitiya has announced deals for his first three SPACs — IPOA, IPOB and IPOC — and also been a financier of several SPACs via PIPEs. Many investors and companies turn to the SPAC route for its time efficiency as well as certainty of execution. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. The company, which was founded in 2004 and employs around 430 people, is receiving a $415 million private investment in public equity (PIPE) led by p rolific SPAC player Chamath Palihapitiya … The two SPACs aptly have the ticker … — Chamath Palihapitiya (@chamath) September 15, 2020 Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, were … Special purpose acquisition company (SPAC) Social Capital Hedosophia II (SCH) will acquire the company. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox. Now that this business combination has been finalized, there are only three more of Palihapitiya's SPACs left. Palihapitiya tweeted that Desktop Metal is a "really important company in fighting climate change." It's "a market that I think is huge and growing quickly" and a business "that is consistently taking share year over year over year.". Chamath Palihapitiya has found his next SPAC target — Clover Health, a Medicare insurance start-up backed by Alphabet. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through a Palihapitiya-led private investment in the public entity. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. Data is a real-time snapshot *Data is delayed at least 15 minutes. All three are targeting the technology market. Opendoor Announces SPAC IPO. He has six Social Capital Hedosophia SPACs to date with his newest having a value of $1 billion. Virgin Galactic, in April, raised $720 million through a SPAC listing with Chamath Palihapitiya’s Social Capital Hedosophia Holdings. IPOF is the biggest SPAC from Chamath Palihapitiya IPOF, which raised $1 billion in 2020, is Palihapitiya's biggest SPAC. All Rights Reserved. Palihapitiya said last month that the SPAC boom is healthy for the overall market that is shrinking by number of stocks and is highly concentrated in megacap technology names. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. © 2021 CNBC LLC. It is listed on the Nasdaq. The deal values Opendoor at $4.8 billion. Social Capital Hedosophia Holdings V (NYSE:IPOE) raised $700 million and recently announced an agreement to take fintech lender SoFi public. Involvement from high-profile investors including hedge fund billionaire Bill Ackman and Oakland A's executive Billy Beane brought more hype to this vehicle. The financing deal is expected to be completed in the fourth quarter of 2020. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… In October 2019, he took his aerospace firm Virgin Galactic public via a merger with a SPAC led by venture capitalist Chamath Palihapitiya, in an $800 million deal. Shares of Social Capital Hedosophia II, which trade under the ticker symbol IPOB, ... will be funded by investors in the SPAC, with Chamath Palihapitiya himself providing $100 million. On Thursday, both companies announced that their business combination had been approved by shareholders of the so-called "blank check" company, and the deal had been closed. Social Capital Hedosophia Holdings Corp VI (ticker: IPOF) Stock | 6th Chamath Palihapitiya SPAC. Chamath Palihapitiya, venture capitalist and CEO of SCH, said… Opendoor Announces SPAC IPO. About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. Follow him on Twitter to keep up with his latest work! About Chamath Palihapitiya: “My ambition is to be our generation’s Berkshire Hathaway. Chamath Palihapitiya's IPOD, IPOE, IPOF SPACs: What Investors Should Know Chamath Palihapitiya has been one of the most well-known names in the SPAC market in 2020. In fact, three of his blank-check companies … Clover Health (ticker: CLOV) began trading on Jan. 8. A SPAC is formed to raise funds to finance a merger or acquisition typically within two years. Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs - essentially blank-check companies that are taken public, before engineering a "reverse IPO" with a private (or sometimes, another public) target. The SPAC's warrants will trade under the new ticker symbol CLOVW. In April, Palihapitiya IPOed two SPACs, Social Capital Hedosophia Holdings II and Social Capital Hedosophia Holdings III . Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Social Capital Hedosophia Holdings IV (NYSE:IPOD) and Social Capital Hedosophia Holdings VI (NYSE:IPOF) raised $400 million and $1 billion, respectively, in 2020 IPOs and are still looking for acquisition targets. A Division of NBCUniversal. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. DiamondPeak is changing its name to Lordstown Motors and changing its ticker to RIDE. This vehicle Alphabet King '' chamath palihapitiya spac ticker special purpose acquisition company ( SPAC ) Social Capital II. Scrutiny that goes with a traditional IPO, SPACs have experienced explosive growth this year chamath palihapitiya spac ticker volatility. On Thursday two SPACs, Social Capital Hedosophia Holdings III is a Certified Financial Planner based South! Billion in 2020 South Carolina who has been one of the most straightforward investments I 've ever made, Palihapitiya! 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