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Chamath Palihapitiya sells 15% of his stake in SOFI

Billionaire Chamath Palihapitiya has sold 15% of his position in the crypto and stock trading platform and finance visitor SoFi.

The visitor went public older this year through a merger with a blank-check visitor led by Palihapitiya, and was valued originally at $8.65 billion and now has a market cap of $17.04 billion.

Palihapitiya, a Bitcoin billionaire and former senior executive at Facebook, confirmed his move to sell SoFi stock via a tweet on Nov. 19.

In his announcement, he stated “Equity markets, crypto markets, art valuations, SaaS multiples — scrutinizingly everything seems to be at all-time highs,” as he went on to explain some of the moves his investment firm Social Wanted has made.

Palihapitiya said that he sold 15% of his shares of SoFi “to fund other investments in technologies that will shape our future,” mentioning California-based shower materials innovator Mitra Chem.

SoFi share prices fell nearly 2% pursuit the announcement.

SoFi is a modern finance platform that consists of five sections: wanted lending, investment management, merchantry minutiae and consulting, career development, and personal finance education.

Palihapitiya moreover noted that he intends to increase Social Capital’s investment in medicare provider Clover Health, but he did not state by how much.

Related: Panic selling is crypto investors’ biggest mistake, new survey reveals

Social Capital’s portfolio consists of 74 companies and Palihapitiya himself enjoys a net worth of well-nigh $1.1 billion, technically making him a Bitcoin billionaire as he has long seen Bitcoin as a sound investment.

More recently, Palihapitiya has begun to when projects on other platforms like Solana.

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