'SPAC King' Chamath Palihapitiya Cuts Stake in Clover Health (CLOV) to 4.99%

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

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

On the other hand, the “SPAC King” sold almost 285,000 shares of Clover Health at $2.0242 on September 27, which was the highest price.

Chamath Palihapitiya helped take Clover Health public in October 2020 via a $3.7 billion SPAC deal with his Social Capital Hedosophia Holdings Corp III. Palihapitiya invested $100 million while Hedosophia contributed with additional $50 million.

CLOV stock is down almost 53% YTD.

By Senad Karaahmetovic

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