‘SPAC King’ Chamath Palihapitiya cuts stake in Clover Health to 4.99% according to

© Reuters. ‘SPAC King’ Chamath Palihapitiya cuts stake in Clover Health (CLOV) to 4.99%

By Senad Karaahmetovic

Billionaire investor Chamath Palihapitiya has slashed his stake in Clover Health (CLOV) to 4.99%, according to a filing Tuesday morning.

13D filing shows Chamath’s ChaChaCha sold more than 11 million shares of CLOV between September 27 and October 3. The largest share of shares was sold yesterday (3.25 million) with price of $1.55 per share, marking the lowest price Palihapitiya is selling. in.

On the other hand, “SPAC King” sold nearly 285,000 shares of Clover Health for $2,0242 on September 27, which is the highest price.

Chamath Palihapitiya helped bring Clover Health to the public in October 2020 through $3.7 billion SPAC deals with its Social Capital Hedosophia Holdings Corp III. Palihapitiya invested $100 million while Hedosophia contributed another $50 million.

CLOV stock is up nearly 3% ahead of the market, but down nearly 53% YTD.


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