.jpg){kind=avatar}
.jpg){kind=avatar}
Chamath Palihapitiya, the venture capitalist touted large personal investments when plugging his SPAC deals and called for others to put more “skin in the game”. However the FT points out that Palihapitiya’s definition of “investment” charitably included his use of $200mn in personal loans taken out from Credit Suisse to leverage his holdings and lower his actual investment costs closer to zero.
Palihapitiya stepped down as chair of Virgin Galactic’s board last month after selling his personal stake in the company. When the FT asked in 2020 whether he had taken out a loan to finance his $100mn investment in Virgin Galactic, Palihapitiya denied it was the case, writing: “That is NOT correct”. Highlight text A spokesperson for Palihapitiya’s investment firm, Social Capital, said last week that it would be “both disingenuous and naive” to position his borrowing as “new, novel or unusual”.
https://www.ft.com/content/e7362411-33b2-4150-b347-a32cc4657360
unknownx500
