Chamath Palihapitiya Sells Part of SoFi Stake, Expects to Add to Clover

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By Kristine Owram

November 18, 2021 at 10:43 PM UTC

This article is for subscribers only.

SoFi Technologies Inc. slid in extended trading Thursday after venture capitalist Chamath Palihapitiya said he sold 15% of his stake in the fintech company.

The sale was “to build up some cash reserves and fund several new investments,” according to Palihapitiya, the founder and chief executive officer of VC fund Social Capital Partnership.