IPOE - Chamath Palihapitiya's Fintech SPAC Target Is Soaring Today
The stock market was rebounding significantly from last week's losses on Monday morning, but Social Capital Hedosophia Holdings V (NYSE: IPOE) was doing especially well. As of 11 a.m. EST, shares of the blank-check company, which is planning to take fintech start-up SoFi public, were up by nearly 11%. The move higher follows an impressive rally on Friday.
Today's surge appears to be based on the continuing fallout from the recent short-squeeze phenomenon and the resulting trade restrictions being implemented by trading app Robinhood. Many of Robinhood's millions of customers were disappointed to learn that certain trading restrictions seen last week will continue to be enforced Monday.
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Chamath Palihapitiya's Fintech SPAC Target Is Soaring Today