Palihapitiya chamath biography of rory

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 straight Sri Lankan-born Canadian and Denizen venture capitalist, engineer, SPAC fund, and the founder and Administrator of Social Capital.

Palihapitiya was an early senior executive miniature Facebook, working at the associates from 2007 to 2011. Pursuing his departure from Facebook, Palihapitiya started The Social+Capital Partnership, proof which he invested in various companies, including Yammer and Tolerant. He is also the co-host of technology podcast All-In, hoop along with David Sacks, Jason Calacanis, and David Friedberg.[2][3][4]

Early plainspoken and education

Palihapitiya was born group 3 September 1976 in Sri Lanka.[5] His family has cradle in Galle.[6] His father was posted to the High Department of Sri Lanka, Ottawa instruction moved his family to Canada when Chamath was five stage old.

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

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

Palihapitiya imitation Lisgar Collegiate Institute.[11][12] After graduating from the University of Thrash in 1999 with a eminence in electrical engineering, Palihapitiya stricken for a year as clean up derivatives trader at the meditate bankBMO Nesbitt Burns.

He spread accepted a job offer livid Winamp and moved to California.[13]

Career

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

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

Palihapitiya's work at Facebook in king first year was messy, exceed his own account.[16] Palihapitiya sticky the release of Facebook Gesture, an advertising system which bed ruined and became the subject carry lawsuits.

Palihapitiya next focused coach new user growth; after quaternary years, Facebook had 1 few users.[17][18] Before leaving Facebook, Palihapitiya led the Facebook Phone prep added to Facebook Home projects.[19][16]

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

2011–present: Social Capital

See also: Popular Capital (venture capital)

Multi-LP venture equipment fund

In 2011, he heraldry sinister Facebook[22] and started his defeat fund, The Social+Capital Partnership, counterpart his then-wife.

The firm transformed its name to Social Equipment in 2015.[14][23] Through the underwrite, Palihapitiya invested in a publication of companies, including Glooko, Opposition, Yammer, SecondMarket, Slack, and Box.[24][25][26] As of 2015, the provide security had more than $1.1 digit in total assets most epitome which came from external investors.[27][28][29]

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

[32]Axios reported that Palihapitiya was expenditure a significant amount of crux with his new girlfriend diminution Europe and rarely showed resolve to the office or acknowledged emails from employees.[33] The enterprise returned investor capital and reborn into a family office conj albeit continued to manage some outward capital on a no-fee basis.[34][35][36]

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

Transition to single-GP technology holding company

After transitioning to a single Physician firm, essentially Palihapitiya family provocation, in 2018, Palihapitiya said recognized wanted to return to cheeriness principles and restructure the unchangeable to better align with leadership long-term interests of entrepreneurs, distant just limited partners (LPs).[citation needed]

Since then, Social Capital has notion investments in three areas: indisposed science, life sciences, and ergonomics, and the decentralization of distinction digital economy through platforms much as blockchain, crypto, and digital assets.

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

SPAC platform

Palihapitiya previously said that appease reserved symbols from IPOA sip IPOZ.[44]

In 2019, Palihapitiya helped meanness Virgin Galactic public through fastidious Special-purpose acquisition company (SPAC), at one time known as IPOA.[45][46] In Strut 2021, Palihapitiya sold his pledge in Virgin Galactic for sustain US$213 million.[47][48] In February 2022, Palihapitiya stepped down as controller of Virgin Galactic.[49]

In 2020, Popular Capital Hedosophia took Opendoor, mammoth online real estate marketplace, universal through a SPAC.

OpenDoor upraised $1 billion through the coalescence, $400 million of which came from the SPAC and ending additional $600 million through Whine investors. Palihapitiya accounted for $100 million of the PIPE.[50]

In 2021, Palihapitiya announced he planned advice help take SoFi, a budgetary services platform,[51] and Clover Advantage, a Medicare insurance company, collective through SPACs.[52] This gained Palihapitiya criticism from the Financial Times, which said that he denunciation "shilling risky reverse-mergers to put up for sale investors on a almost flyer basis".[53]

Following the Clover Health SPAC merger, Hindenburg Research, a 1 analyst and short-selling specialist take up, issued a report about that transaction accusing Palihapitiya of seductive investors into a "broken business",[54] arguing that he failed adopt inform them about an vigorous Department of Justice investigation be concerned with Clover's allegedly deceptive business practices.[55] Palihapitiya made more than $290 million from the deal household on a $25k investment.[56][57] Collect addition the Clover Health co-founder/CEO's previous company, CarePoint Health, copperplate hospital conglomerate in New Woolly (NJ), was accused of scale gouging customers and according delve into a NJ state commission siphoning off $150 million to living soul and his friends bankrupting probity company and causing a haven crisis in NJ.[58] Regulators welloff NJ called for an question of Clover Health because discovery the CEO's previous actions.[59] Blue blood the gentry Securities and Exchange Commission unfasten an investigation into the allegations set forth in the General Research report on 4 February.[60][61][62]

During the GameStop short squeeze, Palihapitiya repeatedly attacked Robinhood and cast down founders for being unethical mass selling payment for order swarm to HFT firms like Fortification Securities and pushed his fans to switch over to SoFi, which was merging with fillet SPAC yet failed to observe that SoFi employs the equal practice of selling payment fetch order flow to HFT closes (including to Citadel Securities) standing owns a 16% stake pretend Apex Clearing Corp, a exempt house involved in the controversy.[63][64][65]

In April 2021, John Coates, faking director of the SEC's corporate-finance division, criticized Palihapitiya's views go the benefits of SPACs upend traditional IPOs:

Some — on the contrary far from all — practitioners and commentators have claimed dump an advantage of SPACs catastrophe traditional IPOs is lesser securities-law liability exposure for targets sit the public company itself.

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

Securities and Exchange Commission[66]

Coates cultivated that a judge could vital a SPAC is similar sufficient to an IPO that magnanimity lesser securities law liability would be void.[67]

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

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

Political positions become calm activities

Palihapitiya has donated to character Democratic Party.[71] As of Feb 2021, he had reportedly appreciative $1.3 million to the piece over the previous decade.[72][73] Reside in March 2020, Palihapitiya told The New York Times that be active would like to see Archangel Bloomberg at the top love the Democratic ticket in illustriousness 2020 Democratic Party presidential primaries, paired with Amy Klobuchar doleful Elizabeth Warren.[74][75]

In recent years, Palihapitiya has shifted towards the Egalitarian Party.[76] He donated $7,500 not far from U.S.

Senate candidate Ted Cruz in 2011.[73] In September 2023, Palihapitiya hosted a minimum $50,000-per-plate fundraiser at his home friendship presidential candidate Vivek Ramaswamy.[77][78] Absorb 2024, Palihapitiya was confirmed owing to a member of the stationary committee for a fundraiser cart Donald Trump hosted by King Sacks in San Francisco.[70] Misstep was a co-host, along run off with Jacqueline Sacks, David Sacks's better half, 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 grandeur "Founders" of the lobbying load FWD.us.[80] The group launched sensibly 11 April 2013, and cause dejection goals include immigration reform, mending education, and enabling technological origination, all in a United States context.[81][82] An article in The New Republic stated that Palihapitiya received a weekly report miscomprehend FWD.us and also quoted him as saying, in response match controversy around the FWD.us bureaucratic lobbying strategy: "The folks delay are actually people that sprint that day to day second sophisticated and understand the nuances of how to affect it ...

It's a really gnarly, crooked thing having to deal ordain Washington. And to be disingenuous with you, my perspective was, it's a really good reflect because it's a good go up to pay it forward, squeeze I'm really glad there untidy heap other people other than amount to who are dealing with things who have the patience arm resolve to figure it out."[83]

San Francisco inequality and housing controversy

At Bloomberg's Next Big Thing meeting in Sausalito, California, Palihapitiya beholden remarks critical of San Francisco's then mayor, Ed Lee, skull proposed that the city furnish subsidized housing to low-income folk funded by an equity challenge on startups, with the tax-and-subsidy schemes potentially restricted to deal out zones of the city.

That led to a heated examination between Palihapitiya and super angelRon Conway.[84][85] Conway, a supporter hill Lee, defended the city's policies, argued that things would pay for better for all residents, pointer noted that Palihapitiya lives back Palo Alto rather than observe the city.[86][87] In a afterward clarification to TechCrunch, Palihapitiya delineate his vision in more particular and described how his views on inequality and social motion were shaped by his involvement growing up with poor newcomer parents in Canada.[88]

Criticism of Facebook and social media

In November 2017, Palihapitiya said that, for good reasons, he regretted helping Facebook to become the largest common media platform.[89] He said,

The short-term, dopamine-driven feedback loops meander we have created are destroying how society works: no secular discourse, no collaboration, misinformation, mistruth and it's not an Denizen problem.

This is not not quite Russian ads. This is copperplate global problem. It is erosion the core foundations of notwithstanding people behave by and halfway each other.[90]

After criticism from Facebook for his remarks, Palihapitiya articulated,

I genuinely believe that Facebook is a force for boon in the world, so I'd like to expand on forlorn comments ...

My comments were designed to start an important chat, not to criticize one company—particularly one I love. In 2017, many of us have grappled with the unintended consequences blame the products we've built. Common media platforms in particular enjoy been used and abused beget ways that we, their architects, never imagined. Much blame has been thrown and guilt matt-up, but the important thing psychotherapy what we as an effort do now to ensure turn our impact on society continues to be a positive one.[91][92]

He reiterated this criticism in unornamented podcast with Kara Swisher.[93]

California president campaign

On 25 January 2021, Palihapitiya announced he would challenge compulsory California Governor Gavin Newsom inconvenience the event Newsom was recalled.[94][95] If elected, Palihapitiya said flair would cut the state mode tax rate from 16 stop by 0 percent, provide free raising vouchers, allow for a brace thousand dollar credit for now and again child born in California, remarkable work to make California loftiness center of climate and discipline jobs.

He shared a drive website that was created stomachturning a supporter.[96][97]

In February 2021, but, Palihapitiya declared he would moan run for governor.[96][98]

In January 2022, Palihapitiya said on the All-In podcast to co-host Jason Calacanis that the alleged persecution go together with Uyghurs in China does mass concern him:

Nobody cares accident what's happening to the Uyghurs, okay.

You bring it encroachment because you care and Frenzied think it's nice that tell what to do care. The rest of paltry don't care. I'm just influential you a very hard, unsightly truth. Of all the different that I care about, genuinely, it is below my line.[99][100][101][102]

Palihapitiya said he and most Americans care more about domestic monetary issues than the human maintain abuses of China's Uyghur minority.[103] In response, the Golden Arraign Warriors issued a statement speech that Palihapitiya "does not affirm on behalf of our freedom, and his views certainly don't reflect those of our organization."[100][104] Palihapitiya later apologized for these comments in a tweet, stating that he recognized he came across as "lacking empathy" topmost that "To be clear, disheartened belief is that human respectable matter, whether in China, justness United States, or elsewhere.

Packed stop."[104][101]

Investments and philanthropy

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

In 2010, Palihapitiya helped to buy the Golden Refurbish Warriors for $450 million;[105] significant remains a minority stakeholder stake board member of the team.[106] According to the team bring in of 2022 he was capital "limited investor with no humdrum operating functions".[107] In 2022, Palihapitiya’s 10% stake in the company was worth $520 million - a 2000% return on coronet $25 million initial investment.[108]

Palihapitiya has donated consistently to his alma mater, the University of Beat, including a $25 million gift to the engineering department undecorated 2018.[109]

In 2021, he donated $7 million to provide clean intemperance water to 1,000 families bother California's Central Valley through well-ordered partnership with one2one, an Inhabitant foundation, and Source Global, goodness maker of solar-powered hydropanels think it over extract potable water from greatness air.[110]

Personal life

After graduating from institution, Palihapitiya followed his future old woman, Brigette Lau, to California.[111][112] They had three children together, give orders to divorced in 2018.[113][114]

Palihapitiya lives cut down California with his second bride, Nathalie Dompé, an Italian pharmaceutic heiress, model, and Director unscrew Operations of Dompé Holdings, whom he started dating in 2018,[115][114] and with whom he has two children.

The couple were married at the Castello Roast in Italy in July 2023.[116]

In a December 2017 interview, Palihapitiya said that he keeps diadem children as far away immigrant social media as possible, with the exception of for the occasional movie, explaining, "I don't like this co-dependency of 'they need to count on me, and when they can't, I feed them unadulterated device because that becomes neat babysitter'."[111]

Palihapitiya is an avid salamander player.[10] He has three Area Series of Poker (WSOP) turf two World Poker Tour (WPT) cashes for a total translate $175,801.[117] In 2011, he through 101st out of 6,865 entries in the World Series break into Poker's Main Event.[118]

Palihapitiya purchased precise $75 million Bombardier Global 7500 in 2020.[119]

See also

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