Chamath Palihapitiya has been labeled the King of SPACs and it may very well be for good cause. On Friday, traders acquired an update from Palihapitiya on how his SPAC investments have carried out since inception, in 2021 and throughout the previous down week.
The Palihapitiya SPACs: Palihapitiya has plans to deliver SPACs public with tickers IPOA to IPOZ. To date, six SPACs have launched beneath the Social Capital Hedosophia umbrella. Seven extra just lately filed their names with the SEC for future launches.
Here’s a take a look at how the SPAC offers have carried out:
- Virgin Galactic (NYSE: SPCE) was the primary SPAC deal accomplished by Palihapitiya. Shares of the area firm are up 172.9% for the reason that providing and up 15% in 2021.
- Opendoor Applied sciences (NASDAQ: OPEN) is an on-demand digital expertise to purchase and promote a house. Opendoor shares are up 119.9% since IPOB went public. Shares of Opendoor are down 3.3% in 2021.
- Clover Well being (NASDAQ: CLOV) provides Medicare Benefit plans. The corporate has been the worst performing of the Palihapitiya SPACs. Shares are down 21.6% for the reason that providing of IPOC and down 53.2% in 2021.
- Social Capital Hedosophia Holdings Corp IV (NYSE: IPOD) has not named a merger goal but. Shares of IPOD are up 23.2% for the reason that providing and down 10% in 2021.
- Social Capital Hedosophia Holdings Corp V (NYSE: IPOE) introduced a merger with fintech firm SoFi in January. Shares of IPOE are up 77.2% for the reason that providing and up 42.4% in 2021.
- Social Capital Hedosophia Holdings Corp VI (NYSE: IPOF) has not named a merger goal but. Shares of the biggest SPAC providing from Palihapitiya are up 22.9% for the reason that providing and down 0.1% in 2021.
- Associated Hyperlink: 5 Issues You May Not Know About Chamath Palihapitiya
The PIPE Offers: Alongside along with his personal six SPACs, Palihapitiya has funded eight SPAC offers as a member of the PIPE (Non-public Funding in Public Fairness — a technique to appeal to funding from accredited traders).
- MP Supplies (NYSE: MP) is a uncommon earth mining firm whose supplies may very well be used to assist electrical automobiles and wind generators sooner or later. Shares of MP Supplies are up 291% since inception and up 21.5% in 2021.
- Desktop Steel Inc (NYSE: DM) is a 3D printing firm centered on additive manufacturing. Shares of Desktop Steel are up 57% for the reason that providing and down 8.7% in 2021.
- Metromile Inc (NASDAQ: MILE) is a pay-per-mile insurance coverage firm backed by Mark Cuban and Palihapitiya. Shares of Metromile are up 4.5% for the reason that providing and down 32.8% in 2021.
- ArcLight Clear Transition Corp (NASDAQ: ACTC) is taking electrical bus firm Proterra public in a SPAC deal. Shares of the SPAC are up 66.1% for the reason that providing and up 49.9% in 2021.
- TS Innovation Acquisition Corp (NASDAQ: TSIA) is bringing Latch, an enterprise SaaS firm, public in a SPAC deal. Shares are up 13.5% for the reason that providing and up 5.1% in 2021.
- Spartan Acquisition Corp II (NYSE: SPRQ) is taking Daylight Monetary public. Daylight is a residential photo voltaic financing firm. Shares of the SPAC are up 12.9% for the reason that IPO and up 11.6% in 2021.
- RMG Acquisition Corp II (NASDAQ: RMGB) is taking Renew Energy, India’s largest renewable vitality firm, public in an $8 billion deal. Shares of the SPAC are up 5.1% for the reason that IPO and up 5.1% in 2021.
- Revolution Acceleration Acquisition Corp (NASDAQ: RAAC) is taking Berkshire Gray public in a $2.7 billion deal. The corporate makes use of synthetic intelligence for robotics and automation. Shares of the SPAC are up 8.4% since inception and up 8.4% in 2021.
Tough SPAC Week: The final week has been a tough one for SPACs, and Palihapitiya shared some classes discovered.
All of his six SPACs and eight PIPE offers had adverse week-over-week efficiency, in keeping with a tweet from Palihapitiya. The typical loss was 14.3% week-over-week for the 14 SPACs Palihapitiya has been concerned in.
The S&P 500 was up 0.8% on the week and the Invesco QQQ Belief (NASDAQ: QQQ) was down 1.7% for the week.
In early February, Palihapitiya shared an replace on how his offers had carried out. At the moment, the common return was 47% in 2021 and a median lifetime acquire of 137%.
The newest replace exhibits a median return of three.6% in 2021 for Palihapitiya’s 14 associated SPACs. The lifetime common acquire is now 60.9% on the 14 SPAC offers.
Disclosure: Writer is lengthy shares SPCE, IPOD, IPOF, RMGB and RAAC.
Picture by JD Lasica on Flickr.
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