These are the kinds of charlatans who show up when Wall Street gets weird
King of wishful SPAC-ing
There are a few ways to tell if the person you are listening to is a bubble charlatan. For one thing, they can't handle criticism of themselves or their product. Debate — one of the most important elements of price discovery — is not tolerated. To them, short sellers are market villains. They also dislike traditional valuation metrics, regulators who put guardrails around trading or promoting, and — to ingratiate themselves with retail investors — other rich people.
You can also find them shilling free advice on social media and constantly calling into CNBC to rant.
Chamath Palihapitiya, founder of the now defunct venture-capital firm Social Capital, is skilled at all of those things. His success stems mainly from being at Facebook early. Since then he has perfected the art of raising money from people who should know better, and teasing a run for governor of California.
Did I mention that Palihapitiya hates short sellers?
About the time Lopez hit send on her piece, Palihapitiya's most hyped SPAC reached what we might call the post-pump stage.
. @chamath dumped > $200mm of $spce yesterday whilst it was in free fall 💎💎💎💎💎 pic.twitter.com/rAORoW5XQH— luis carruthers (@orthereaboot) March 5, 2021
"Some" shares in $SPCE. I.e. every single one of them. Gaslighting clown. @chamath https://t.co/Jw7m4EF2jD pic.twitter.com/HlPRHlhGED— Keubiko (@Keubiko) March 6, 2021
Remember to live, laugh and love to lose money in this dude’s SPACs after he’s exited them. https://t.co/P4a8tdbQJT— Linette Lopez (@lopezlinette) March 6, 2021
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