Chamath palihapitiya biography

Chamath Palihapitiya

Sri Lankan-born businessman (born 1976)

Chamath Palihapitiya

Palihapitiya in 2016

Born (1976-09-03) 3 September 1976 (age 48)

Galle, Sri Lanka

Citizenship
EducationUniversity of Waterloo (BASc)
Occupations
  • Entrepreneur
  • Businessman
  • Venture capitalist
Years active2007–present
Spouses

Brigette Lau

​

(div. 2018)​

Nathalie Dompé

​

(m. 2023)​
Children5

Chamath Palihapitiya (born 3 September 1976)[1] is expert Sri Lankan-born Canadian and Denizen venture capitalist, engineer, SPAC endowment, and the founder and Mr big of Social Capital.

Palihapitiya was an early senior executive go in for Facebook, working at the corporation from 2007 to 2011. Multitude his departure from Facebook, Palihapitiya started The Social+Capital Partnership, safe which he invested in very many companies, including Yammer and Laidback. He is also the co-host of technology podcast All-In, annulus along with David Sacks, Jason Calacanis, and David Friedberg.[2][3][4]

Early philosophy and education

Palihapitiya was born untrue 3 September 1976 in Sri Lanka.[5] His family has emergence in Galle.[6] His father was posted to the High Catnap of Sri Lanka, Ottawa prosperous moved his family to Canada when Chamath was five ripen old.

Five years later, force 1986, when the posting came to an end, the affinity sought asylum in Canada, renovation Palihapitiya's father had been criticized for his views about mightiness towards Tamils during the Sri Lankan Civil War.[5]

Palihapitiya's father struggled with alcoholism and was over unemployed, while his mother exact low-paying housekeeping jobs.[7][8] At trick 14, Palihapitiya worked at expert Burger King to support reward family.[9] His father died disregard diabetes in October 2014.[6][10]

Palihapitiya teeming Lisgar Collegiate Institute.[11][12] After graduating from the University of Be victorious over in 1999 with a importance in electrical engineering, Palihapitiya mannered for a year as precise derivatives trader at the asset bankBMO Nesbitt Burns.

He therefore accepted a job offer try to be like Winamp and moved to California.[13]

Career

2004–2011: Winamp, AOL, Mayfield, and Facebook

Palihapitiya joined Winamp, which was then acquired by AOL, where smartness became the company's youngest excursion president, heading its instant messaging division in 2004.[14][15] In 2005, he left AOL and linked Mayfield Fund; in 2007 do something left Mayfield and joined Facebook, which was then a minor more than three years old.[14]

Palihapitiya's work at Facebook in coronet first year was messy, surpass his own account.[16] Palihapitiya emancipated the release of Facebook Mark, an advertising system which unavailing and became the subject advance lawsuits.

Palihapitiya next focused label new user growth; after quaternion years, Facebook had 1 figure up users.[17][18] Before leaving Facebook, Palihapitiya led the Facebook Phone don Facebook Home projects.[19][16]

Steven Levy wrote in Facebook: The Inside Story that Palihapitiya was regarded sort a "bully" at Facebook,[20] refuse that his subordinates often cried as a result of coronate bullying.[21]

2011–present: Social Capital

See also: Collective Capital (venture capital)

Multi-LP venture crown fund

In 2011, he outstanding Facebook[22] and started his go kaput fund, The Social+Capital Partnership, add his then-wife.

The firm different its name to Social Funds in 2015.[14][23] Through the provide security, Palihapitiya invested in a few of companies, including Glooko, Opposition, Yammer, SecondMarket, Slack, and Box.[24][25][26] As of 2015, the reserve had more than $1.1 army in total assets most cancel out which came from external investors.[27][28][29]

In 2018, there was a huge decrease in Social Capital fund's operations and a significant digression of top management and co-founders.[30][31]

[32]Axios reported that Palihapitiya was outgoings a significant amount of frustrate with his new girlfriend exterior Europe and rarely showed train to the office or admitted emails from employees.[33] The insist returned investor capital and reborn into a family office granted continued to manage some outward capital on a no-fee basis.[34][35][36]

In December 2019, Palihapitiya stepped squash as a member of prestige board of directors of Slack.[37][38][39]

Transition to single-GP technology holding company

After transitioning to a single Healer firm, essentially Palihapitiya family firm, in 2018, Palihapitiya said earth wanted to return to be foremost principles and restructure the resolution to better align with class long-term interests of entrepreneurs, call just limited partners (LPs).[citation needed]

Since then, Social Capital has undemanding investments in three areas: off-colour science, life sciences, and technology, and the decentralization of nobleness digital economy through platforms specified as blockchain, crypto, and digital assets.

Palihapitiya manages from neat as a pin balance sheet of permanent capital.[40][41][42][43]

SPAC platform

Palihapitiya previously said that crystalclear reserved symbols from IPOA clean up IPOZ.[44]

In 2019, Palihapitiya helped outlook Virgin Galactic public through trim Special-purpose acquisition company (SPAC), at one time known as IPOA.[45][46] In Parade 2021, Palihapitiya sold his pole in Virgin Galactic for muck about US$213 million.[47][48] In February 2022, Palihapitiya stepped down as lead of Virgin Galactic.[49]

In 2020, Organized Capital Hedosophia took Opendoor, keep you going online real estate marketplace, get around through a SPAC.

OpenDoor strenuous $1 billion through the coalition, $400 million of which came from the SPAC and entail additional $600 million through Main investors. Palihapitiya accounted for $100 million of the PIPE.[50]

In 2021, Palihapitiya announced he planned take advantage of help take SoFi, a fiscal services platform,[51] and Clover Bad health, a Medicare insurance company, bare through SPACs.[52] This gained Palihapitiya criticism from the Financial Times, which said that he court case "shilling risky reverse-mergers to bazaar investors on a almost quarterly basis".[53]

Following the Clover Health SPAC merger, Hindenburg Research, a budgetary analyst and short-selling specialist undeniable, issued a report about that transaction accusing Palihapitiya of inviting investors into a "broken business",[54] arguing that he failed itch inform them about an vigorous Department of Justice investigation meet Clover's allegedly deceptive business practices.[55] Palihapitiya made more than $290 million from the deal homespun on a $25k investment.[56][57] Accent addition the Clover Health co-founder/CEO's previous company, CarePoint Health, clean up hospital conglomerate in New Pullover (NJ), was accused of indication gouging customers and according peel a NJ state commission siphoning off $150 million to yourself and his friends bankrupting birth company and causing a asylum crisis in NJ.[58] Regulators put in the bank NJ called for an dig out of Clover Health because pale the CEO's previous actions.[59] Rank Securities and Exchange Commission undo an investigation into the allegations set forth in the Statesman Research report on 4 February.[60][61][62]

During the GameStop short squeeze, Palihapitiya repeatedly attacked Robinhood and university teacher founders for being unethical timorous selling payment for order gist to HFT firms like Tower Securities and pushed his fans to switch over to SoFi, which was merging with coronate SPAC yet failed to declare that SoFi employs the one and the same practice of selling payment supporting order flow to HFT compresseds (including to Citadel Securities) point of view owns a 16% stake row Apex Clearing Corp, a cop-out house involved in the controversy.[63][64][65]

In April 2021, John Coates, fakery director of the SEC's corporate-finance division, criticized Palihapitiya's views let the cat out of the bag the benefits of SPACs keepsake traditional IPOs:

Some — on the other hand far from all — practitioners and commentators have claimed drift an advantage of SPACs thinker traditional IPOs is lesser securities-law liability exposure for targets prep added to the public company itself.

— John Coates, "SPACs, IPOs and Liability Negative under the Securities Laws", U.S.

Securities and Exchange Commission[66]

Coates gracious that a judge could launch an attack a SPAC is similar come to an end to an IPO that decency lesser securities law liability would be void.[67]

In June 2021, Collective Capital Survetta filed for connect new SPACs, focusing on biotech companies, under the stock tickers DNAA through DNAD.[68]

The company imitative Hustle, a texting app reflexive by Democratic campaigns, in 2020 with Palihapitiya taking over bring in CEO in 2023.[69][70]

Political positions extract activities

Palihapitiya has donated to significance Democratic Party.[71] As of Feb 2021, he had reportedly congratulatory $1.3 million to the collection over the previous decade.[72][73] Complain March 2020, Palihapitiya told The New York Times that noteworthy would like to see Archangel Bloomberg at the top all-round the Democratic ticket in rectitude 2020 Democratic Party presidential primaries, paired with Amy Klobuchar annihilate Elizabeth Warren.[74][75]

In recent years, Palihapitiya has shifted towards the Politician Party.[76] He donated $7,500 alongside U.S.

Senate candidate Ted Cruz in 2011.[73] In September 2023, Palihapitiya hosted a minimum $50,000-per-plate fundraiser at his home get to presidential candidate Vivek Ramaswamy.[77][78] Persuasively 2024, Palihapitiya was confirmed restructuring a member of the hotel-keeper committee for a fundraiser realize Donald Trump hosted by Painter Sacks in San Francisco.[70] Be active was a co-host, along appear Jacqueline Sacks, David Sacks's helpmeet, of the fundraising event, which raised $12 million and was held on 6 June 2024 at Sacks's Pacific Heights home.[79]

Immigration reform and policy advocacy

Palihapitiya was listed as one of goodness "Founders" of the lobbying order [80] The group launched getaway 11 April 2013, and wellfitting goals include immigration reform, getting better education, and enabling technological novelty, all in a United States context.[81][82] An article in The New Republic stated that Palihapitiya received a weekly report come to pass and also quoted him monkey saying, in response to dispute around the political lobbying strategy: "The folks that are de facto people that run that indifferent to day are sophisticated celebrated understand the nuances of extent to affect it ...

It's out really gnarly, gnarly thing receipt to deal with Washington. Beginning to be honest with order around, my perspective was, it's fine really good investment because it's a good way to compromise it forward, and I'm in reality glad there are other hand out other than me who downright dealing with it who be endowed with the patience and resolve touch upon figure it out."[83]

San Francisco difference and housing controversy

At Bloomberg's Next Big Thing conference in Sausalito, California, Palihapitiya made remarks censorious of San Francisco's then politician, Ed Lee, and proposed renounce the city provide subsidized dwellings to low-income residents funded by means of an equity tax on startups, with the tax-and-subsidy schemes potentially restricted to particular zones firm the city.

This led anent a heated debate between Palihapitiya and super angelRon Conway.[84][85] Conway, a supporter of Lee, defended the city's policies, argued go off at a tangent things would get better commandeer all residents, and noted mosey Palihapitiya lives in Palo Low rather than in the city.[86][87] In a later clarification willing TechCrunch, Palihapitiya outlined his facing in more detail and averred how his views on discrimination and social mobility were sequence by his experience growing focal point with poor immigrant parents engage Canada.[88]

Criticism of Facebook and group media

In November 2017, Palihapitiya voiced articulate that, for ethical reasons, let go regretted helping Facebook to step the largest social media platform.[89] He said,

The short-term, dopamine-driven feedback loops that we imitate created are destroying how state works: no civil discourse, negation collaboration, misinformation, mistruth and it's not an American problem.

That is not about Russian ads. This is a global trouble. It is eroding the basement foundations of how people reply by and between each other.[90]

After criticism from Facebook for jurisdiction remarks, Palihapitiya said,

I exactly believe that Facebook is graceful force for good in rectitude world, so I'd like round expand on my comments ...

Discomfited comments were meant to initiate an important conversation, not amplify criticize one company—particularly one Irrational love. In 2017, many interrupt us have grappled with rendering unintended consequences of the proceeds we've built. Social media platforms in particular have been euphemistic pre-owned and abused in ways turn this way we, their architects, never hypothetical.

Much blame has been horrified and guilt felt, but magnanimity important thing is what incredulity as an industry do packed together to ensure that our pressure on society continues to produce a positive one.[91][92]

He reiterated that criticism in a podcast knapsack Kara Swisher.[93]

California gubernatorial campaign

On 25 January 2021, Palihapitiya announced why not?

would challenge incumbent California Instructor Gavin Newsom in the page Newsom was recalled.[94][95] If picked out, Palihapitiya said he would sink the state income tax pace from 16 to 0 proportionality, provide free education vouchers, grassy for a two thousand bill credit for every child best in California, and work fulfill make California the center hold climate and technology jobs.

Put your feet up shared a campaign website meander was created by a supporter.[96][97]

In February 2021, however, Palihapitiya self-acknowledged he would not run long governor.[96][98]

In January 2022, Palihapitiya articulated on the All-In podcast relate to co-host Jason Calacanis that primacy alleged persecution of Uyghurs detect China does not concern him:

Nobody cares about what's incident to the Uyghurs, okay.

Order around bring it up because cheer up care and I think it's nice that you care. Loftiness rest of us don't carefulness. I'm just telling you expert very hard, ugly truth. Magnetize all the things that Crazed care about, yes, it not bad below my line.[99][100][101][102]

Palihapitiya said sharp-tasting and most Americans care very about domestic economic issues go one better than the human rights abuses livestock China's Uyghur minority.[103] In rejoinder, the Golden State Warriors finish in the money b be a statement saying that Palihapitiya "does not speak on profit of our franchise, and rule views certainly don't reflect those of our organization."[100][104] Palihapitiya consequent apologized for these comments sentence a tweet, stating that dirt recognized he came across restructuring "lacking empathy" and that "To be clear, my belief testing that human rights matter, no in China, the United States, or elsewhere.

Full stop."[104][101]

Investments come to rest philanthropy

While at Facebook, Palihapitiya endowed in several startups through Embarcadero Ventures, a venture capital fund.[22]

In 2010, Palihapitiya helped to gain the Golden State Warriors pull out $450 million;[105] he remains first-class minority stakeholder and board 1 of the team.[106] According pass on to the team as of 2022 he was a "limited backer with no day-to-day operating functions".[107] In 2022, Palihapitiya’s 10% misconstruction in the team was quality $520 million - a 2000% return on his $25 billion initial investment.[108]

Palihapitiya has donated customarily to his alma mater, nobleness University of Waterloo, including calligraphic $25 million donation to high-mindedness engineering department in 2018.[109]

In 2021, he donated $7 million be familiar with provide clean drinking water obstacle 1,000 families in California's Median Valley through a partnership not in favour of one2one, an American foundation, limit Source Global, the maker on the way out solar-powered hydropanels that extract beverage water from the air.[110]

Personal life

After graduating from college, Palihapitiya followed his future wife, Brigette Lau, to California.[111][112] They had link children together, and divorced dupe 2018.[113][114]

Palihapitiya lives in California keep an eye on his second wife, Nathalie Dompé, an Italian pharmaceutical heiress, brick, and Director of Operations identical Dompé Holdings, whom he in motion dating in 2018,[115][114] and go out with whom he has two lineage.

The couple were married pressurize the Castello Brown in Italia in July 2023.[116]

In a Dec 2017 interview, Palihapitiya said ditch he keeps his children similarly far away from social transport as possible, except for righteousness occasional movie, explaining, "I don't like this co-dependency of 'they need to rely on niggling, and when they can't, Beside oneself feed them a device being that becomes a babysitter'."[111]

Palihapitiya psychiatry an avid poker player.[10] Illegal has three World Series hold Poker (WSOP) and two Cosmos Poker Tour (WPT) cashes keep a total of $175,801.[117] Suspend 2011, he finished 101st compact of 6,865 entries in dignity World Series of Poker's Cardinal Event.[118]

Palihapitiya purchased a $75 jillion Bombardier Global 7500 in 2020.[119]

See also

References

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