Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally

StreetInsider2021-06-09

(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...

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Comments

Chifield
2021-06-09
Chifield
I'm sorry for doubting you and keep laughing at Clov. Now you have the last laugh.
Ljoney
2021-06-09
Ljoney
Wow, flying.,like n comment pl
Momosoar
2021-06-09
Momosoar
Begining to see increase?
AnthonyC
2021-06-09
AnthonyC
Please like and comment
henghm
2021-06-09
henghm
Like and comment
- AnthonyC:
  Done. Please reply to my comment
paxxie
2021-06-09
paxxie
supn
- ivy888:
  done

Leave a comment

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Now you have the last laugh.&nbsp;","listText":"I'm sorry for doubting you and keep laughing at Clov. Now you have the last laugh.&nbsp;","text":"I'm sorry for doubting you and keep laughing at Clov. Now you have the last laugh.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180262166","repostId":2142029589,"repostType":4,"repost":{"id":"2142029589","pubTimestamp":1623201600,"share":"https://ttm.financial/m/news/2142029589?lang=&edition=fundamental","pubTime":"2021-06-09 09:20","market":"us","language":"en","title":"Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2142029589","media":"StreetInsider","summary":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose ac","content":"<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.</p>\n<p>Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.</p>\n<p>The shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.</p>\n<p>Clover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.</p>\n<p>Palihapitiya, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.</p>\n<p>A Palihapitiya spokesperson did not respond to a request for comment.</p>\n<p>A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.</p>\n<p>Palihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.</p>\n<p>Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm <a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a> and home-selling platform <a href=\"https://laohu8.com/S/OPEN\">Opendoor Technologies Inc</a>.</p>\n<p>Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalihapitiya's $16 million bet on Clover worth $682 million on Reddit rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18536563><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536563\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18536563","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142029589","content_text":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.\nClover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.\nThe shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.\nClover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.\nPalihapitiya, one of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.\nA Palihapitiya spokesperson did not respond to a request for comment.\nA third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.\nPalihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.\nPalihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm Virgin Galactic Holdings Inc and home-selling platform Opendoor Technologies Inc.\nEarlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":180285725,"gmtCreate":1623206355467,"gmtModify":1704198347738,"author":{"id":"3581591015314710","authorId":"3581591015314710","name":"Ljoney","avatar":"https://static.tigerbbs.com/8376cac12c1b661feac4d507eb1379e4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3581591015314710","idStr":"3581591015314710"},"htmlText":"Wow, flying.,like n comment pl","listText":"Wow, flying.,like n comment pl","text":"Wow, flying.,like n comment pl","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180285725","repostId":2142029589,"repostType":4,"repost":{"id":"2142029589","pubTimestamp":1623201600,"share":"https://ttm.financial/m/news/2142029589?lang=&edition=fundamental","pubTime":"2021-06-09 09:20","market":"us","language":"en","title":"Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2142029589","media":"StreetInsider","summary":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose ac","content":"<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.</p>\n<p>Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.</p>\n<p>The shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.</p>\n<p>Clover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.</p>\n<p>Palihapitiya, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.</p>\n<p>A Palihapitiya spokesperson did not respond to a request for comment.</p>\n<p>A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.</p>\n<p>Palihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.</p>\n<p>Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm <a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a> and home-selling platform <a href=\"https://laohu8.com/S/OPEN\">Opendoor Technologies Inc</a>.</p>\n<p>Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalihapitiya's $16 million bet on Clover worth $682 million on Reddit rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18536563><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536563\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18536563","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142029589","content_text":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.\nClover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.\nThe shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.\nClover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.\nPalihapitiya, one of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.\nA Palihapitiya spokesperson did not respond to a request for comment.\nA third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.\nPalihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.\nPalihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm Virgin Galactic Holdings Inc and home-selling platform Opendoor Technologies Inc.\nEarlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":180292511,"gmtCreate":1623204850233,"gmtModify":1704198302893,"author":{"id":"3574490842783599","authorId":"3574490842783599","name":"Momosoar","avatar":"https://static.tigerbbs.com/faf9b47c0a3f9258aedd31abbb050705","vip":1,"crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3574490842783599","idStr":"3574490842783599"},"htmlText":"Begining to see increase?","listText":"Begining to see increase?","text":"Begining to see increase?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180292511","repostId":2142029589,"repostType":4,"repost":{"id":"2142029589","pubTimestamp":1623201600,"share":"https://ttm.financial/m/news/2142029589?lang=&edition=fundamental","pubTime":"2021-06-09 09:20","market":"us","language":"en","title":"Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2142029589","media":"StreetInsider","summary":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose ac","content":"<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.</p>\n<p>Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.</p>\n<p>The shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.</p>\n<p>Clover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.</p>\n<p>Palihapitiya, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.</p>\n<p>A Palihapitiya spokesperson did not respond to a request for comment.</p>\n<p>A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.</p>\n<p>Palihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.</p>\n<p>Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm <a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a> and home-selling platform <a href=\"https://laohu8.com/S/OPEN\">Opendoor Technologies Inc</a>.</p>\n<p>Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalihapitiya's $16 million bet on Clover worth $682 million on Reddit rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18536563><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536563\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18536563","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142029589","content_text":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.\nClover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.\nThe shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.\nClover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.\nPalihapitiya, one of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.\nA Palihapitiya spokesperson did not respond to a request for comment.\nA third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.\nPalihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.\nPalihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm Virgin Galactic Holdings Inc and home-selling platform Opendoor Technologies Inc.\nEarlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":180675207,"gmtCreate":1623203943509,"gmtModify":1704198277718,"author":{"id":"3571137160288122","authorId":"3571137160288122","name":"AnthonyC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3571137160288122","idStr":"3571137160288122"},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/180675207","repostId":2142029589,"repostType":4,"repost":{"id":"2142029589","pubTimestamp":1623201600,"share":"https://ttm.financial/m/news/2142029589?lang=&edition=fundamental","pubTime":"2021-06-09 09:20","market":"us","language":"en","title":"Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2142029589","media":"StreetInsider","summary":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose ac","content":"<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.</p>\n<p>Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.</p>\n<p>The shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.</p>\n<p>Clover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.</p>\n<p>Palihapitiya, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.</p>\n<p>A Palihapitiya spokesperson did not respond to a request for comment.</p>\n<p>A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.</p>\n<p>Palihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.</p>\n<p>Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm <a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a> and home-selling platform <a href=\"https://laohu8.com/S/OPEN\">Opendoor Technologies Inc</a>.</p>\n<p>Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalihapitiya's $16 million bet on Clover worth $682 million on Reddit rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18536563><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536563\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18536563","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142029589","content_text":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.\nClover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.\nThe shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.\nClover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.\nPalihapitiya, one of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.\nA Palihapitiya spokesperson did not respond to a request for comment.\nA third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.\nPalihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.\nPalihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm Virgin Galactic Holdings Inc and home-selling platform Opendoor Technologies Inc.\nEarlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":180645252,"gmtCreate":1623203431076,"gmtModify":1704198263519,"author":{"id":"3578451349447391","authorId":"3578451349447391","name":"henghm","avatar":"https://static.tigerbbs.com/ca41bf4eae57d98d93422d97c7246c98","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3578451349447391","idStr":"3578451349447391"},"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180645252","repostId":2142029589,"repostType":4,"repost":{"id":"2142029589","pubTimestamp":1623201600,"share":"https://ttm.financial/m/news/2142029589?lang=&edition=fundamental","pubTime":"2021-06-09 09:20","market":"us","language":"en","title":"Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2142029589","media":"StreetInsider","summary":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose ac","content":"<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.</p>\n<p>Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.</p>\n<p>The shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.</p>\n<p>Clover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.</p>\n<p>Palihapitiya, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.</p>\n<p>A Palihapitiya spokesperson did not respond to a request for comment.</p>\n<p>A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.</p>\n<p>Palihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.</p>\n<p>Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm <a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a> and home-selling platform <a href=\"https://laohu8.com/S/OPEN\">Opendoor Technologies Inc</a>.</p>\n<p>Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalihapitiya's $16 million bet on Clover worth $682 million on Reddit rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18536563><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536563\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18536563","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142029589","content_text":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.\nClover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.\nThe shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.\nClover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.\nPalihapitiya, one of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.\nA Palihapitiya spokesperson did not respond to a request for comment.\nA third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.\nPalihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.\nPalihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm Virgin Galactic Holdings Inc and home-selling platform Opendoor Technologies Inc.\nEarlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4642963,"gmtCreate":1623203965220,"gmtModify":1663228248534,"authorId":3571137160288122,"author":{"id":3571137160288122,"idStr":"3571137160288122","authorId":3571137160288122,"name":"AnthonyC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":180645252,"type":1,"supId":0,"prevId":0,"content":"Done. Please reply to my comment","text":"Done. Please reply to my comment","html":"Done. Please reply to my comment"}],"langContent":"EN"},{"id":180641958,"gmtCreate":1623203260774,"gmtModify":1704198257606,"author":{"id":"3559522411638426","authorId":"3559522411638426","name":"paxxie","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3559522411638426","idStr":"3559522411638426"},"htmlText":"supn","listText":"supn","text":"supn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180641958","repostId":2142029589,"repostType":4,"repost":{"id":"2142029589","pubTimestamp":1623201600,"share":"https://ttm.financial/m/news/2142029589?lang=&edition=fundamental","pubTime":"2021-06-09 09:20","market":"us","language":"en","title":"Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2142029589","media":"StreetInsider","summary":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose ac","content":"<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.</p>\n<p>Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.</p>\n<p>The shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.</p>\n<p>Clover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.</p>\n<p>Palihapitiya, <a href=\"https://laohu8.com/S/AONE\">one</a> of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.</p>\n<p>A Palihapitiya spokesperson did not respond to a request for comment.</p>\n<p>A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.</p>\n<p>Palihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.</p>\n<p>Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm <a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a> and home-selling platform <a href=\"https://laohu8.com/S/OPEN\">Opendoor Technologies Inc</a>.</p>\n<p>Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palihapitiya's $16 million bet on Clover worth $682 million on Reddit rally</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalihapitiya's $16 million bet on Clover worth $682 million on Reddit rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-09 09:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18536563><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18536563\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18536563","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142029589","content_text":"(Reuters) - Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.\nClover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms.\nThe shares had deeply underperformed the wider market and traded below the SPAC's IPO price since February, when short-selling firm Hindenburg Research accused Clover of concealing from investors a U.S. Department of Justice enquiry into its business.\nClover has said the enquiry was routine and not financially material to disclose. The U.S. Securities and Exchange Commission has launched an investigation into Hindenburg's claims.\nPalihapitiya, one of the most prolific SPAC sponsors, is now sitting on a paper profit of more than 4,000% after Clover shares close to doubled on Tuesday, giving the company a market value of $9 billion and boosting the value of his 21.3% stake in the company, according to Reuters calculations.\nA Palihapitiya spokesperson did not respond to a request for comment.\nA third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. A six-month lock-up that would prevent him from cashing out on his stake expired earlier this month.\nPalihapitiya's windfall is not just down to the Reddit rally. SPAC managers are awarded warrants and founder shares that result in them owning a much bigger chunk of the combined company that their investment would otherwise entitle them to.\nPalihapitiya took Clover Health public through a $3.7 billion merger that closed in January. He has launched several so-called blank check firms that have merged with a wide range of companies, including fintech startup Social Finance Technologies (SoFi), space tourism firm Virgin Galactic Holdings Inc and home-selling platform Opendoor Technologies Inc.\nEarlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4643164,"gmtCreate":1623204687600,"gmtModify":1663228249545,"authorId":3579641974902127,"author":{"id":3579641974902127,"idStr":"3579641974902127","authorId":3579641974902127,"name":"ivy888","avatar":"https://static.tigerbbs.com/10358949b7fc96b011ec29ca7fd9c9a4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":180641958,"type":1,"supId":0,"prevId":0,"content":"<u>done</u>","text":"<u>done</u>","html":"<u>done</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":56,"commentSize":10,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2142029589"}