Billionaire Chamath Thumbs Nose At 'Irrelevant' Podcast Host Over Virgin Galactic 'Subtweets'
Portfolio Pulse from Chris Katje
Investor Chamath Palihapitiya, known for his SPAC deals, has faced criticism as the valuations of several companies he took public have crashed. One such company is Virgin Galactic Holdings (NYSE:SPCE), which went public in 2019 in a SPAC merger anchored by Palihapitiya’s Social Capital Hedosophia Holdings Corp. After its stock climbed in 2019 through 2021, shares have fallen significantly and Palihapitiya has distanced himself from the company. He stepped down as chairman of Virgin Galactic in 2022 and sold a large position in the company.
August 23, 2023 | 9:43 pm
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NEGATIVE IMPACT
Virgin Galactic's stock has significantly fallen after a rise in 2019 through 2021. Chamath Palihapitiya, who took the company public, has distanced himself from the company and sold a large position.
The news of Chamath Palihapitiya distancing himself from Virgin Galactic and selling a large position in the company could negatively impact investor confidence, potentially leading to a further decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100