News
Chamath Palihapitiya to launch new SPAC after 71% of 58,000 poll voters said 'no'
Jun 18, 2025
Key Points
- Chamath Palihapitiya is launching a new SPAC despite 71% of 58,000 followers voting against it in a public poll.
- Social Capital is pivoting SPAC fundraising toward institutional investors in Wall Street and crypto, away from the retail-driven boom of 2020–2021.
- Palihapitiya cited institutional interest as sufficient reason to proceed despite clear retail opposition to blank-check companies.
Summary
Chamath Palihapitiya is launching a new SPAC despite 71% of 58,000 followers voting against it in a public poll. He cited interest from Wall Street and crypto investors as the reason to proceed. The move reflects a shift in SPAC demand away from retail investors toward institutional capital. Social Capital continues to see blank-check companies as a viable fundraising channel even as the retail-driven boom of 2020–2021 has faded.
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