Billionaire Chamath Palihapitiya has sold 15% of his position in the crypto and stock trading platform and finance company SoFi.
The company went public earlier this year through a merger with a blank-check company led by Palihapitiya, valued at $8.65 billion, it now has a market cap of $17.04 billion.
Palihapitiya, a former senior executive at Facebook, confirmed his move to sell SoFi stock via a tweet on Nov. 19. Palihapitiya said that he sold 15% of his shares of SoFi to fund other investments in technologies that will shape our future. SoFi share prices fell by 2% after his announcement.
SoFi is a modern finance platform that covers five sections which include capital lending, investment management, business development and consulting, career development, and personal finance education.
The billionaire also noted that he intends to increase Social Capital’s investment in medicare provider Clover Health.
