homeworld NewsWho is billionaire Chamath Palihapitiya, the king of SPACs?

Who is billionaire Chamath Palihapitiya, the king of SPACs?

The former Facebook executive turned venture investor was born in Sri Lanka and moved to Ottawa at the age of 6.

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By CNBCTV18.com Feb 15, 2021 7:19:01 PM IST (Published)

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Who is billionaire Chamath Palihapitiya, the king of SPACs?
On February 7, 2021, Chamath Palihapitiya tweeted something which gives us an insight into how it all began for the co-founder and CEO of venture capital fund Social Capital.

In his tweet, 'the undisputed king of special-purpose acquisition companies' as many like to call him wrote, "Some of us are lucky enough to inherit the following balance sheet from our parents: Contacts: 0, Money: 0 Power: 0
Resiliency: Infinity, Desire: Infinity, Drive: Infinity, Grit: Infinity
How lucky were WE?!?!" he ended his tweet.
In a recent interview with Bloomberg, Chamath even went on to claim, "Nobody's going to listen to Buffett".
"But there have to be other folks that take that mantle, take the baton and do it as well to this younger generation in the language they understand," he added.
With 1.3 billion followers, not only is he popular on Twitter but also cracks his deals on the microblogging site, besides seldom tweeting his shirtless pictures to show how fit he is.
The former Facebook executive turned venture investor was born in Sri Lanka and moved to Ottawa, Canada, at the age of 6. His February 7 tweet is a testament to the struggle he endured during his childhood.
While today, he says, "I do want to have a Berkshire-like instrument that is all things, you know, not to sound egotistical, but all things Chamath, all things Social Capital." Things weren't this easy when he was a kid. Chamath worked at Burger King to help his parents, but the kid always dreamt of becoming rich and obsessed over Forbes' Billionaire List, according to Business Insider.
The 44-year-old did his electrical engineering at the University of Waterloo before moving to California.
After a successful stint at Facebook, where he dealt in mobile business and international markets, Chamath founded Social Capital, whose mission "is to advance humanity by solving the world’s hardest problems".
His company has stakes in Slack, Wealthfront, Hinge, and Bustle, to name a few.
In 2015, many thought the "all things Chamath" was going to collapse forever. The billionaire's marriage dissolved, partners left the firm and he had difficulties finding new investors, who were reluctant to commit funds.
The cynics and sceptics have been proven wrong; Chamath is said to be bigger than he has ever been. His success, popularity, enthusiasm to fight inequality underline the significance of Climate change recently led to rumours that he might run for the post of the Governor. Even in his tweets, Chamath has often expressed disappointment over taxes and crime rates in California, but he says he is not keen on running for any office just as yet.
He says he will support candidates whose ideas resonate with his centrist ideals. Chamath also underscores another difference between himself and other billionaires, saying he has no plans to "cut and run".
"I make better decisions when I am authentic and transparent," he said. "The best way to do that is just to be living my life out for everybody to see."

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