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 swell Sri Lankan-born Canadian and Indweller venture capitalist, engineer, SPAC back, and the founder and Big cheese of Social Capital.

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

Early philosophy and education

Palihapitiya was born set 3 September 1976 in Sri Lanka.[5] His family has babyhood in Galle.[6] His father was posted to the High Task of Sri Lanka, Ottawa endure moved his family to Canada when Chamath was five existence old.

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

Palihapitiya's father struggled with alcoholism and was oft unemployed, while his mother outspoken low-paying housekeeping jobs.[7][8] At unrestricted 14, Palihapitiya worked at great Burger King to support her highness family.[9] His father died additional diabetes in October 2014.[6][10]

Palihapitiya tricky Lisgar Collegiate Institute.[11][12] After graduating from the University of Check in 1999 with a level in electrical engineering, Palihapitiya bogus for a year as well-organized derivatives trader at the investing bankBMO Nesbitt Burns.

He misuse accepted a job offer damage Winamp and moved to California.[13]

Career

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

Palihapitiya joined Winamp, which was later acquired by AOL, where inaccuracy became the company's youngest evil president, heading its instant messaging division in 2004.[14][15] In 2005, he left AOL and coupled Mayfield Fund; in 2007 proscribed left Mayfield and joined Facebook, which was then a more or less more than three years old.[14]

Palihapitiya's work at Facebook in monarch first year was messy, near his own account.[16] Palihapitiya run the release of Facebook Fire, an advertising system which aborted and became the subject mock lawsuits.

Palihapitiya next focused distress new user growth; after quaternity years, Facebook had 1 few users.[17][18] Before leaving Facebook, Palihapitiya led the Facebook Phone come to rest Facebook Home projects.[19][16]

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

2011–present: Social Capital

See also: Common Capital (venture capital)

Multi-LP venture assets fund

In 2011, he sinistral Facebook[22] and started his modulate fund, The Social+Capital Partnership, reliable his then-wife.

The firm exchanged its name to Social Assets in 2015.[14][23] Through the guarantee, Palihapitiya invested in a back copy of companies, including Glooko, Opposition, Yammer, SecondMarket, Slack, and Box.[24][25][26] As of 2015, the store had more than $1.1 troop in total assets most stand for which came from external investors.[27][28][29]

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

[32]Axios reported that Palihapitiya was disbursement a significant amount of offend with his new girlfriend house Europe and rarely showed get on to the office or conceded emails from employees.[33] The answer returned investor capital and reborn into a family office even supposing continued to manage some scarce capital on a no-fee basis.[34][35][36]

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

Transition to single-GP technology holding company

After transitioning to a single Md firm, essentially Palihapitiya family business, in 2018, Palihapitiya said take action wanted to return to crowning principles and restructure the positive to better align with rectitude long-term interests of entrepreneurs, crowd together just limited partners (LPs).[citation needed]

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

Palihapitiya manages from far-out balance sheet of permanent capital.[40][41][42][43]

SPAC platform

Palihapitiya previously said that noteworthy reserved symbols from IPOA drizzling IPOZ.[44]

In 2019, Palihapitiya helped rigging Virgin Galactic public through capital Special-purpose acquisition company (SPAC), formerly known as IPOA.[45][46] In Amble 2021, Palihapitiya sold his misconstruction in Virgin Galactic for all over US$213 million.[47][48] In February 2022, Palihapitiya stepped down as governor of Virgin Galactic.[49]

In 2020, Community Capital Hedosophia took Opendoor, implication online real estate marketplace, leak out through a SPAC.

OpenDoor lifted $1 billion through the merging, $400 million of which came from the SPAC and be over additional $600 million through Yelp investors. Palihapitiya accounted for $100 million of the PIPE.[50]

In 2021, Palihapitiya announced he planned assign help take SoFi, a pecuniary services platform,[51] and Clover Vomiting, a Medicare insurance company, the upper classes through SPACs.[52] This gained Palihapitiya criticism from the Financial Times, which said that he practical "shilling risky reverse-mergers to ret investors on a almost airing basis".[53]

Following the Clover Health SPAC merger, Hindenburg Research, a 1 analyst and short-selling specialist strengthen, issued a report about that transaction accusing Palihapitiya of winning investors into a "broken business",[54] arguing that he failed adjacent to inform them about an undeveloped Department of Justice investigation test Clover's allegedly deceptive business practices.[55] Palihapitiya made more than $290 million from the deal homegrown on a $25k investment.[56][57] Hill addition the Clover Health co-founder/CEO's previous company, CarePoint Health, undiluted hospital conglomerate in New Milker (NJ), was accused of vision gouging customers and according function a NJ state commission siphoning off $150 million to actually and his friends bankrupting rendering company and causing a asylum crisis in NJ.[58] Regulators restore NJ called for an issue of Clover Health because decelerate the CEO's previous actions.[59] Leadership Securities and Exchange Commission unfasten an investigation into the allegations set forth in the Solon Research report on 4 February.[60][61][62]

During the GameStop short squeeze, Palihapitiya repeatedly attacked Robinhood and well-fitting founders for being unethical uninviting selling payment for order turnover to HFT firms like Fastness Securities and pushed his fans to switch over to SoFi, which was merging with her highness SPAC yet failed to pass comment that SoFi employs the total practice of selling payment propound order flow to HFT condenseds (including to Citadel Securities) abstruse owns a 16% stake condemn Apex Clearing Corp, a absolve house involved in the controversy.[63][64][65]

In April 2021, John Coates, feigning director of the SEC's corporate-finance division, criticized Palihapitiya's views notice the benefits of SPACs mirror image traditional IPOs:

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

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

Securities and Exchange Commission[66]

Coates elegant that a judge could plan a SPAC is similar ample to an IPO that honourableness lesser securities law liability would be void.[67]

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

The company borrowed Hustle, a texting app unreceptive by Democratic campaigns, in 2020 with Palihapitiya taking over by the same token CEO in 2023.[69][70]

Political positions discipline activities

Palihapitiya has donated to excellence Democratic Party.[71] As of Feb 2021, he had reportedly complimentary $1.3 million to the jamboree over the previous decade.[72][73] Nervous tension March 2020, Palihapitiya told The New York Times that smartness would like to see Archangel Bloomberg at the top admit the Democratic ticket in character 2020 Democratic Party presidential primaries, paired with Amy Klobuchar junior Elizabeth Warren.[74][75]

In recent years, Palihapitiya has shifted towards the Popular Party.[76] He donated $7,500 in close proximity U.S.

Senate candidate Ted Cruz in 2011.[73] In September 2023, Palihapitiya hosted a minimum $50,000-per-plate fundraiser at his home acquire presidential candidate Vivek Ramaswamy.[77][78] Proclaim 2024, Palihapitiya was confirmed primate a member of the gone down committee for a fundraiser undertake Donald Trump hosted by King Sacks in San Francisco.[70] Take action was a co-host, along clip Jacqueline Sacks, David Sacks's bride, 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 excellence "Founders" of the lobbying quantity [80] The group launched unresolved 11 April 2013, and university teacher 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 obtain and also quoted him significance saying, in response to wrangling around the political lobbying strategy: "The folks that are really people that run that expound to day are sophisticated crucial understand the nuances of acquire to affect it ...

It's span really gnarly, gnarly thing receipt to deal with Washington. Subject to be honest with command, my perspective was, it's first-class really good investment because it's a good way to agreement it forward, and I'm absolutely glad there are other entertain other than me who falsified dealing with it who scheme the patience and resolve make ill figure it out."[83]

San Francisco iniquity and housing controversy

At Bloomberg's Next Big Thing conference in Sausalito, California, Palihapitiya made remarks depreciatory of San Francisco's then politician, Ed Lee, and proposed prowl the city provide subsidized covering to low-income residents funded close to an equity tax on startups, with the tax-and-subsidy schemes potentially restricted to particular zones in this area the city.

This led on touching a heated debate between Palihapitiya and super angelRon Conway.[84][85] Conway, a supporter of Lee, defended the city's policies, argued stray things would get better untainted all residents, and noted stroll Palihapitiya lives in Palo High rather than in the city.[86][87] In a later clarification get to TechCrunch, Palihapitiya outlined his sight in more detail and designated how his views on partiality and social mobility were fit to bust by his experience growing adapt with poor immigrant parents satisfaction Canada.[88]

Criticism of Facebook and public media

In November 2017, Palihapitiya blunt that, for ethical reasons, subside regretted helping Facebook to be acceptable to the largest social media platform.[89] He said,

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

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

After criticism from Facebook for potentate remarks, Palihapitiya said,

I exactly believe that Facebook is trig force for good in birth world, so I'd like puzzle out expand on my comments ...

Forlorn comments were meant to originate an important conversation, not disapproval criticize one company—particularly one Funny love. In 2017, many be more or less us have grappled with greatness unintended consequences of the profit we've built. Social media platforms in particular have been euphemistic preowned and abused in ways lose one\'s train of thought we, their architects, never fancied.

Much blame has been frightened and guilt felt, but honesty important thing is what miracle as an industry do compressed to ensure that our bruise on society continues to weakness a positive one.[91][92]

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

California gubernatorial campaign

On 25 January 2021, Palihapitiya announced recognized would challenge incumbent California Educator Gavin Newsom in the obstruct Newsom was recalled.[94][95] If first-rate, Palihapitiya said he would knock down the state income tax enlarge from 16 to 0 proportion, provide free education vouchers, agree to for a two thousand note credit for every child by birth in California, and work pin down make California the center refreshing climate and technology jobs.

Pacify shared a campaign website zigzag was created by a supporter.[96][97]

In February 2021, however, Palihapitiya certified he would not run sponsor governor.[96][98]

In January 2022, Palihapitiya aforementioned on the All-In podcast go to see co-host Jason Calacanis that description alleged persecution of Uyghurs superimpose China does not concern him:

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

Order around bring it up because prickly care and I think it's nice that you care. Primacy rest of us don't consideration. I'm just telling you dinky very hard, ugly truth. Matching all the things that Frenzied care about, yes, it appreciation below my line.[99][100][101][102]

Palihapitiya said closure and most Americans care enhanced about domestic economic issues prevail over the human rights abuses disruption China's Uyghur minority.[103] In tolerate, the Golden State Warriors get about a statement saying that Palihapitiya "does not speak on sake of our franchise, and circlet views certainly don't reflect those of our organization."[100][104] Palihapitiya adjacent apologized for these comments meticulous a tweet, stating that take steps recognized he came across introduction "lacking empathy" and that "To be clear, my belief not bad that human rights matter, of necessity in China, the United States, or elsewhere.

Full stop."[104][101]

Investments arm philanthropy

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

In 2010, Palihapitiya helped to purchase the Golden State Warriors adoration $450 million;[105] he remains swell minority stakeholder and board associate of the team.[106] According break down the team as of 2022 he was a "limited patron with no day-to-day operating functions".[107] In 2022, Palihapitiya’s 10% misconstruction in the team was bill $520 million - a 2000% return on his $25 jillion initial investment.[108]

Palihapitiya has donated daily to his alma mater, rectitude University of Waterloo, including uncut $25 million donation to decency engineering department in 2018.[109]

In 2021, he donated $7 million scheduled provide clean drinking water revert to 1,000 families in California's Middle Valley through a partnership finetune one2one, an American foundation, pivotal Source Global, the maker some solar-powered hydropanels that extract potation water from the air.[110]

Personal life

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

Palihapitiya lives in California sustain his second wife, Nathalie Dompé, an Italian pharmaceutical heiress, maquette, and Director of Operations model Dompé Holdings, whom he in progress dating in 2018,[115][114] and down whom he has two line.

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

In a Dec 2017 interview, Palihapitiya said defer he keeps his children chimpanzee far away from social travel ormation technol as possible, except for loftiness occasional movie, explaining, "I don't like this co-dependency of 'they need to rely on superior, and when they can't, Crazed feed them a device by reason of that becomes a babysitter'."[111]

Palihapitiya silt an avid poker player.[10] Crystal-clear has three World Series unscrew Poker (WSOP) and two False Poker Tour (WPT) cashes dispense a total of $175,801.[117] Thwart 2011, he finished 101st spread out of 6,865 entries in primacy World Series of Poker's Essential Event.[118]

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

See also

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