Thread by @rossiadam

Chamath is riding high these days. Popular podcast host. Cozying up to Trump and Elon.

But he has never been held accountable or apologized for his INSANE grifting streak over 5 years.

It was predatory, and it was wrong.

A thread on @chamath the "SPAC King" 🧵

1. Virgin Galactic

• Chamath took $SPCE public via SPAC in 2019, hyping it as the future of space tourism

• Retail piled in, driving stock to $60+ in 2021

• Chamath dumped ALL his personal shares for $213M in 2021, right before the stock crashed

• Today SPCE is under $2.

2. Opendoor

• Chamath merged his SPAC IPOB with $OPEN in 2020, calling it the “Amazon of real estate.”

• Stock hit $34 in early 2021 thanks to Chamath’s marketing

• By 2022, the company lost $1.4B in a single quarter, laid off 18% of its workforce

• OPEN now under $3

3. Clover Health

• Chamath’s IPOC merged with $CLOV in 2021, touting it as the future of Medicare insurance

• Hindenburg Research exposed Clover for hiding an active DOJ investigation just days after it went public

• Stock hit $28 in early 2021 before crashing to $0.80.

4. SoFi

• IPOE merged with $SOFI, hyped as a “fintech revolution.”

• Chamath cashed out $200M before insiders’ lock-up expired

• Stock hit $25, now trades under $9

• Still struggling with profitability & dilution issues

5. Multiplan

• Chamath’s IPOA merged with $MLPN, a healthcare tech company

• Stock collapsed from $10 to under $1.50 as revenue & growth failed to materialize

The list goes on...Chamath created 12 SPACs and hyped them relentlessly to retail investors, often young and inexperienced investors.

He made hundreds of millions by dumping shares at the peak while investors lost billions.

newcomer.co/p/the-scam-in-…

Chamath's response to the criticisms?

“I don’t care about what happens after the deal closes.”

He said on the All-In Podcast that his job was just to get deals done, not ensure they were good investments.

He is a financial predator that should be held accountable.

/🧵

PS: I am a believer that people can change, and that forgiveness should be extended to deserving.

@chamath is engaging in a PR blitz to rehabilitate his image.

But he has never admitted fault, shown contrition, asked for forgiveness from the thousands of investors that he hurt.

@chamath PPS: $SOFI is trading at $14.65 as of Friday close. I had the wrong price in my above post.

@chamath PPPS: @Josh_Young_1 has an excellent thread with many more examples of Chamath’s morally questionable behavior.

This thread has almost 3M views 🤯

Here is a video clarifying what I think was predatory about the @chamath SPACs

It is my belief that public figures with a huge audience have a moral obligation to give ample disclosures when they are pitching investments

Also expand on $SOFI