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Palihapitiya sells down position in online lender SoFi

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© Reuters. FILE PHOTO: Chamath Palihapitiya is the founder and CEO of Social Capital. He presented at the Sohn Investment Conference 2018, New York City. April 23, 2018. REUTERS/Brendan McDermid

(Reuters) – Chamath Palihapitiya sold around 15% off his stake in U.S. online lender SoFi Technologies Inc, this venture investor announced in a Twitter on Thursday.

Palihapitiya said that the company’s founder and chief operating officer, Social Capital, was sold to raise cash and invest in recent projects such as Mitra Chem battery material firm, Spectral Finance fintech startup, and Syndica blockchain infrastructure company.

SoFi’s shares were at $20.30, a 1% decline

Through a public stock offering, he also hopes to increase Social Capital’s share in Clover Investments Corp.

SoFi became public this year via a merger with Palihapitiya’s blank-check business in an $8.65 billion deal.

Blank-check companies, or SPAC for short, use capital from an IPO to purchase a private business, typically within two years. This makes the private company publicly.

Palihapitiya sold his personal space tourism stake in Virgin Galactic Holdings (NYSE 🙂 Inc in March. However, he continues to own a share through an investment company that has partnered with British investor Ian Osborne.

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