'SPAC King' Palihapitiya to Extend Blank-cheque Deals | 12 August 2022 | Daily Morning Note

Let the Money Talk · Aug 12, 2022 · 7m

Chamath Palihapitiya is asking investors for more time to complete a pair of blank-check deals as the industry is plagued by a regulatory crackdown and broader malaise. The billionaire has helped take SPACs mainstream, raising a more than US$5 billion across the ten blank checks he has led, successfully taking public space tourism company Virgin Galactic Holdings and SoFi Technologies. Social Capital Hedosophia VI raised US$1.15 billion in October 2020 and Social Capital IV has US$460 million in proceeds.

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