Social Capital, the investment firm led by venture capitalist Chamath Palihapitiya, who is also a serial blank-check firm operator dubbed “The SPAC King,” tried to sell stakes in hundreds of young companies in June of this year, according to people familiar with the matter. The stakes for sale were worth $312 million in total based on the valuations at which the companies last raised money, the people said.
It’s not clear what prompted Social Capital to want to sell its stakes in the 258 companies, and it couldn’t be learned whether the firm completed the sales, The Information reports. Investment firms more broadly have been looking to sell stakes in startups to return money to their own limited partners, a growing trend that’s typically kept under wraps. Read more.
