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.
1/ Many of us are trying to make sense of what’s happening in the markets these days. Here are some observations and moves we’ve recently made to continue our work: pic.twitter.com/Z4yA7sS3N6
— Chamath Palihapitiya (@chamath) November 18, 2021
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.
Musk to sell 10m more Tesla shares after offloading stock this week
— FINTWIT (@fintwitnow) November 13, 2021
Following the conclusion of a Twitter poll, and coincidentally soon after Tesla stock catapulted beyond a $1trn valuation, Elon Musk sold a combined $6.9bn in shares over the past weekhttps://t.co/iKRhrUkUFy
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.
We are leading a $20m Series A in Mitra Chem, which is taking a fresh approach to lithium-ion battery production and doing it domestically in the U.S.
— Chamath Palihapitiya (@chamath) November 15, 2021
This is key if we want to accelerate electrification and build a sustainable energy future.
My one pager attached. pic.twitter.com/GaCpBw7Jtd
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.