SPAC king has raised more than $4 billion in blank-check listings following his initial success in a merger with Virgin Galactic, which tripled after four months of trading, Bloomberg reports.
Palihapitiya terms investors calling some stocks overpriced as “morons” since he believes markets will always rise as long as the Fed continues to print money.
Notable contradicting investments of Palihapitiya include GameStop, in which he put money into the stock amid warnings from Wall Street.
Palihapitiya is known for using his social media followers, who include 1.5 million on Twitter, to promote SPACs.
The popularity of Palihapitiya in SPACs comes at a time when blank-check listings have come under warnings of a potential bubble-bust.
Blank-check shares shed 17% as of May 11, with Palihapitiya’s SPACs plunging 50% on average.
Amid SPAC share falls, Palihapitiya, who has already made a fortune from the boom, seeks further deals and wants around 26 more.
Chamath Palihapitiya, a tech billionaire and Golden State Warriors co-owner, has made a name for himself by going against Wall Street.
