- Chamath Palihapitiya referred to as "SPAC King," has lowered his ownership in health insurer Clover Health Investments ( NASDAQ: CLOV ) to 4.99%, a regulatory filing submitted by the company on Tuesday indicates.
- The Franklin, Tennessee-based firm made its public debut in early 2021 in a SPAC merger with Social Capital Hedosophia, led by the venture capitalist.
- According to the CLOV's latest 13D filing , Palihapitiya has sold 11.3M company shares in seven transactions from Sep. 27 – Oct. 03 "to allow the recognition of related tax losses."
- In September, Palihapitiya said he was closing down two SPAC vehicles, Social Capital Hedosophia VI ( IPOF ) and Social Capital IV ( IPOD ), after failing to find suitable targets to take public due to issues with valuation and volatility.
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Chamath Palihapitiya cuts stake in Clover Health to under 5%