Jun. 25 at 4:05 PM
Chamath Palihapitiya calls early SPACs a 'blemish' on his record
The VC, once known as the SPAC King, sponsored deals like
$SPCE &
$CLOV from 2019-2021, pocketing big fees while many post-merger stocks lost a massive -44% to -90% for public shareholders
"My incentives were grossly misaligned...I was too insecure to admit it."
--- 'fraud' or 'blemish' - puh-TAY-toe...puh-TAH-toe
--- Is it really insecurity or is it a lack of morality
He's back with a new SPAC, American Exceptionalism Acquisition Corp. (
$AEXA), where his shares only vest if the stock hits
$15—double its trust value— it currently trades at an +11.7% premium
