Chamath Palihapitiya offloads 15% of his SoFi shares

Billionaire owner of the Golden State Warriors Chamath Palihapitiya has sold 15% of his stake in SoFi, the crypto/shares exchange and finance company.

The company, now valued at over $17bn, has nearly doubled in value since it went public earlier this year.

For those curious about Palihapitiya’s reasoning, the investor kindly tweeted out a statement explaining his thought process behind the decision.

Palihapitiya expressed a level of concern at rising asset prices across stocks, art and crypto amid previously unprecedented levels of money printing and inflation.

He also referred to decisions by other investors, whom he respects, that have taken “chips off the table”.

One being Elon Musk who offered to sell a substantial portion of his Tesla shares depending on the outcome of a poll he posted on Twitter.

While Musk and others have their own reasons, Palihapitiya outlined his desire to re-allocate his resources to other projects, including Mitra Chem, a materials innovator based in California.

Over the past five days, the SoFi share price is down by over 10%, although it has traded pretty much sideways since Palihapitiya made the announcement.

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